Oil today: oil is traded in a sideways trend after a decline
On Wednesday, oil quotations are traded at the level of the opening day after yesterday’s decline in API data on the growth of oil reserves in the US and increasing pressure on risky assets. The oil market is awaiting the upcoming EIA report, which will be released today. Also, the oil market is waiting for clarification in the situation with sanctions against Iran, uncertainty about which also increased the pressure on oil. But, despite the slowing of the upward dynamics in oil, the main brands remain in an uptrend, limited to annual highs.
Recommended for reading: Technical analysis of oil and not only.
- The nearest resistance levels (signals to sell oil): for WTI – 69.00 and 69.50 $ per barrel, for Brent – 75.00 and 75.50 $ per barrel.
- Support levels (signals to buy oil): for WTI – 67.00 and 66.50 $ per barrel, for Brent – 73.00 and 72.50 $ per barrel.
Hanzenko Anton