Oil today: oil prices remain under pressure of drilling activity in the US
Oil quotations at Monday’s tradings demonstrate restrained dynamics after a negative opening due to the data on the growth of drilling activity in the US, which came out last week. According to the latest data on the past week, the number of active drilling rigs in the US increased by 2 units, to around 751. This exacerbated the negative sentiment about the cost of oil and the growth of shale oil production in the US. Previously, significant pressure on oil was provided by data on gasoline reserves in the US, which may be regarded in the future as a negative factor, indicating the growth of crude oil reserves.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 57.80 and 58.30 $ per barrel, for Brent – 63.90 and 64.40 $ per barrel.
- Support levels are: for WTI – 56.80 and 56.00 $ per barrel, for Brent – 63.00 and 62.20 $ per barrel.
WTI chart, current price – $ 57.20
Brent chart, current price – $ 63.30
Hanzenko Anton