Oil today: oil undergoes correction
On Thursday, oil prices have updated a three-year maximum on data on the reduction of oil reserves in the US and the breakdown of Iran’s nuclear agreement. With the ambiguous opening of the European stock exchanges, the oil was under pressure of correction, which in the future could serve to resume growth on the overbought of oil.
In turn, the oil market remains very optimistic about the low level of production in Venezuela and the possibility of an aggravation of the situation in the Middle East. Under the conditions of correction, oil prices will be limited by the highs of Wednesday, but a deeper correction will not slow the overall upward trend in oil.
- The nearest resistance levels (signals to sell oil): for WTI – 72.00 and 72.50 $ per barrel, for Brent -78.00 and 78.50 $ per barrel.
- Support levels (signals to buy oil): for WTI – 71.00 and 70.50 $ per barrel, for Brent – 77.00 and 76.50 $ per barrel.
Hanzenko Anton