Oil today: oil remains under pressure
At the trades on Thursday, oil quotations remain under pressure from the latest report on the US oil reserves by EIA, which showed a significant decrease in crude oil and an increase in gasoline stocks. As a result of the reduction in crude oil, there may be a marked increase in future demand reduction in oil refineries. As a result of rather not optimistic prospects, oil prices remain under pressure, partially playing out the growth of supply. But, it is also early to talk about further decline in oil prices due to a noticeable oversold of oil and a general upward trend in oil.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 56.70 and 57.20 $ per barrel, for Brent – 62.00 and 62.60 $ per barrel.
- Support levels are: for WTI – 55.80 and 55.50 $ per barrel, for Brent – 61.20 and 60.60 $ per barrel.
WTI chart, current price – 56.20 $
Brent chart, current price – 61.60 $
Hanzenko Anton