Oil Today: Oil Quotes Keep Positive Dynamics
On Thursday, oil quotes are traded with strengthening against the background of a reduction in oil production under the agreement of OPEC and data on the reduction of oil reserves in the US. The main support for oil prices was provided by the latest EIA report, which pointed to a reduction in crude oil reserves in the US by 4.9 million barrels. At the same time, gasoline and distillate stocks increased. But the main positive note of the EIA report was a decrease in oil production in the US to the level of 9.5 million barrels per day, when this indicator was expected to grow.
Thus, the main negative indicator, which can significantly limit the upward dynamics of oil, remains the growing rate of oil production in the United States. The breakthrough of the mark of oil production in the US of 10 million barrels per day can be regarded as a very negative factor that will resume negativesentiments in the oil market.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 64.00 and 64.50 $ per barrel, for Brent – 69.50 and 70.00 $ for barrel.
- Support levels: for WTI – 63.50 and 63.00 $ per barrel, for Brent – 69.00 and 68.50 $ per barrel.
WTI graph, current price – $ 63.90
Brent graph, current price – $ 69.50
Hanzenko Anton