Oil today: oil is under pressure
At the beginning of the week, oil quotations were under pressure amid growing pessimism caused by the negative start of European stock indices. An additional downside factor for the oil is the correction of the US currency, which also contributes to a decrease in demand for oil.
At the same time, the oil market remains under negative expectations of the growth of supply in the market due to a seasonal decline in demand and concerns about the growth of oil production in the US. Despite this, the general upward trend in oil remains in force, receiving support from optimistic statements by OPEC representatives about the possibility of an extension of the arrangement.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 66.00 and 66.50 $ per barrel, for Brent – 70.00 and 70.40 $ per barrel.
- Support levels are: for WTI – 65.50 and 65.00 $ per barrel, for Brent – 69.30 and 69.00 $ per barrel.
WTI chart, current price – $ 65.80
Brent chart, current price – 69.60 $
Hanzenko Anton