Oil today: oil quotations are in anticipation of data on oil reserves in the US

After a short increase in oil prices, they are under pressure again. Thus, at the beginning of the day, oil prices remain under pressure on the expectation of API data on oil reserves in the US, after the growth of drilling activity in the US last week. The main concerns of the oil market are associated with an increase in oil production in the US and the possibility of increasing inventories. As a result, this surplus can enter the international oil market, thereby increasing the supply.

In recent weeks, oil quotations have remained in a downward trend, correcting after growth and retaining uncertainty over the possibility of further decline as the oil is reaching global highs. As a result, the correction for oil can be much longer, which can indicate the increase in oil reserves in the US.

Recommended for reading: Technical Analysis of Oil

• The nearest resistance levels: for WTI – 61.50 and 62.00 $ per barrel, for Brent – 65.50 and 66.00 $ per barrel.
• Support levels are: for WTI – 60.50 and 60.00 $ per barrel, for Brent – 64.50 and 64.00 $ per barrel.

Graph of WTI. Current price – 61.30 $

Graph of Brent. Current price – 65.00 $

Hanzenko Anton