Oil today: oil quotes are corrected against growth
On Monday trading, oil prices remain under pressure of correction after the rapid growth on Friday on fears of a trade war between the US and China. But, despite the preservation of these risks, optimism about oil has significantly decreased due to data on the growth of drilling activity in the US. So, the number of drilling rigs in the USA increased by 4 units over the past week, to the level of 804, thereby updating the maximum since April 2015.
In addition to the increase in drilling activity in the United States, the pressure on oil was rendered by a technical correction caused by overbought and renewed highs of the last two months. As a result, this may indicate the formation of a deeper correction.
Recommended for reading: Technical analysis of oil and not only
- The nearest resistance levels (signals to sell oil): for WTI – 66.50 and 67.00 $ per barrel, for Brent -71.00 and 71.50 $ per barrel.
- Support levels (signals to buy oil): for WTI – 65.00 and 64.50 $ per barrel, for Brent – 69.90 and 69.50 $ per barrel.
WTI Graph . Current price – 65.70 $
Brent Graph . Current price – 70.40 $
Hanzenko Anton