Oil today: oil grows

At the auction on Friday, major oil brands markedly accelerated growth, which was caused by the statement of the Saudi Energy Minister Khalid al-Falih. He stated with a high degree of confidence that the terms of extending the agreement to limit world oil production will be announced at a meeting in Venezuela on November 30. It was also noted that Russia will fully support this agreement. Doubts about Russia’s support for continuing restrictions on world oil production exerted pressure on oil on an equal footing with an increase in oil reserves in the United States. As a result of this statement, the oil quotations received a noticeable impulse to strengthen based on the growth of optimism.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 56.50 and 57.00 $ per barrel, for Brent – 62.50 and 63.00 $ per barrel.
• Support levels: for WTI – 55.50 and 55.00 $ per barrel, for Brent – 61.50 and 61.00 $ per barrel.

Hanzenko Anton