Oil today
At the auction on Tuesday, oil quotations remain trading very restrained, near the opening level of the day and local highs. The main intrigue of the oil market remains the upcoming data on oil in the USA by API, which will be released today at the end of the day. According to market expectations, the reduce in crude oil reserves by an average of 2 million barrels per week is expected, as well as significant decrease in inventories of gasoline and distillates.
Along with this, the oil market can be traced to its notable overbought, as evidenced by the restrained dynamics of oil quotes after the upward rally. Therefore, any increase in US oil reserves market will be a negative factor for oil, which in the end can cause the formation of a movement against Friday’s rise in oil prices.
- The nearest resistance levels: for WTI – 54.50 and 55.00 $ per barrel, for Brent – 61.00 and 61.50 $ per barrel.
- Supported by the mark: for WTI – 53.50 and 53.00 $ per barrel, for Brent – 60.00 and 59.50 $ per barrel.
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Hanzenko Anton