Oil today

At auction on Wednesday, oil quotes remain trading near local highs of the month on the growth of optimism in the oil market. Also, support for oil quotes is provided by data on oil reserves in the USA by API, which despite the growth in crude oil reserves showed a decrease in gasoline and distillate stocks.

Previously, data on oil reserves demonstrated the reverse dynamics, indicating a reduction in crude oil, but the growth of oil products stocks. As a result of confirmation of the API data, the oil market will receive another reason for the growth of optimism. Based on the renewed balance between supply and demand.

Also, the attention of oil investors is paid to data by OPEC and their negotiations. As a result, the dynamics of oil remains restrained positive and is limited by the highs of the previous month.

• 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