Oil today: oil prices remain near the lows of the month

On Tuesday, oil prices continue to trade near the monthly lows after yesterday’s decline on fears due to the decline in demand for oil because of the trade war. Despite the decline in drilling activity in the US and the possibility of extending the OPEC agreement to limit oil production. Oil remains under the pressure of negative sentiment and flight from risks. That as a result, after a short correction may resume the decline in the cost of oil. Today data on oil reserves in the US from the API and EIA will be published, which can distract the oil market from geopolitical risks.

Recommended for reading: Technical analysis of Oil and not only https://esterholdings.com/en/category/technical-analysis/

The nearest resistance levels (signals to sell oil): for WTI – 63.50 and 64.10 $ per barrel, for Brent -68.30 and 68.80 $ per barrel. Support levels are (signals to buy oil): for WTI – 62.50 and 62.00 $ per barrel, for Brent – 67.50 and 67.00 $ per barrel.

Graph of WTI. Current price – $ 63.10

Graph of Brent. Current price – $ 67.70

Hanzenko Anton