Oil today

At the auction on Monday, oil quotations are trading with a slight decrease near the opening level, remaining under pressure of correction against Friday. Also, based on the growth of the US currency. The dynamics of oil largely depends on the data in Kurdistan, where the tension remains. There is also some optimism in the oil market regarding a reduction in the number of drilling rigs in the US. This affects the rapid growth of the WTI brand.

Despite positive expectations and dynamics, oil remains limited in the sideways trend. This is caused by a lack of significant fundamental factors that allowed oil to develop the movement.

• The nearest resistance levels: for WTI – 52.50 and 53.00 $ per barrel, for Brent – 58.50 and 59.00 $ per barrel.
• Supported by the levels: for WTI – 51.50 and 51.00 $ per barrel, for Brent – 57.00 and 56.50 $ per barrel.

Recommended for reading: Technical Analysis

Hanzenko Anton