Oil today: oil quotes storm annual highs

On Wednesday, oil prices remain near the annual highs, while limiting to last week’s extremes. The rise in oil prices is caused by the preservation of geopolitical risks in the Middle East, data on the reduction of the US oil reserves from the API and the general weakness of the American, which cheapens the import of oil. As a result, a stable upward trend persists in the oil market. Also, the oil market expects the EIA report, which will be released today. That, against the backdrop of optimistic expectations, could trigger a new wave of oil purchases.

Recommended for reading: Technical analysis of oil and not only

• The nearest resistance levels (signals to sell oil): for WTI – 68.00 and 68.50 $ per barrel, for Brent -73.00 and 73.50 $ per barrel.
• The support is provided by the notes (signals to buy oil): for WTI – 66.50 and 66.00 $ per barrel, for Brent – 71.50 and 71.00 $ per barrel.

Graph of WTI. Current price – $ 67.40

Graph of Brent. Current price – $ 72.40

Hanzenko Anton