Oil today: oil quotes have receded from highs
On Tuesday, oil prices have receded from local highs due to the risks that persist in the market and restrained strengthening of the US currency. Despite some deviation of oil from the highs, the overall sentiment of the oil market is very optimistic, which is caused by a decrease in oil production in Saudi Arabia. But, on the other hand, fears are maintained by the data on the growth of oil production in the US.
The optimism of the oil market is also expressed in a two-week uptrend along the main oil brands, which maintains steady growth. The data on reserves and oil production in the United States can have a significant impact on the current dynamics, but in the conditions of positive signals from OPEC, this influence will not be significant.
Recommended for reading: Technical Analysis of Oil
- The nearest resistance levels: for WTI – 64.30 and 65.00 $ per barrel, for Brent – 67.70 and 68.00 $ per barrel.
- Support levels are: for WTI – 63.00 and 62.40 $ per barrel, for Brent – 67.00 and 66.50 $ per barrel.
Graph of WTI. Current price – $ 63.60
Graph of Brent. Current price – $ 67.20
Hanzenko Anton