Oil today: oil is under pressure of correction
On Tuesday, oil quotations are traded with a slight decrease, remaining under pressure of correction and geopolitical risks. As a result, the main oil grades are traded downward after the highs are updated. An additional factor in the decline in oil prices are pessimistic expectations for oil production and reserves in the US, which deteriorate against the backdrop of increased drilling activity. Also the pressure on oil is rendered by the technical picture, namely the formation of the reversal model after the annual maxima update.
Recommended for reading: Technical analysis of oil and not only.
- The nearest resistance levels (signals to sell oil): for WTI – 67.00 and 67.50 $ per barrel, for Brent -72.00 and 72.80 $ per barrel.
- Support for the mark (signals to buy oil): for WTI – 66.00 and 65.50 $ per barrel, for Brent – 71.00 and 70.50 $ per barrel.
Graph of WTI. Current price – $ 66.30
Graph of Brent. Current price – $ 71.40
Hanzenko Anton