Oil today: oil is under pressure ahead of data on oil reserves in the US
On Wednesday, oil quotes are traded lower against the background of a general decline in commodity assets due to continued concerns. The market also expects the EIA report, which might contain the information about the reduction of oil reserves in the US against the background of data from the API.
The overall decline in oil prices is mainly due to the corrective movement after growth and is limited to Fibonacci levels of 38.2% and 50% from December last year to the high of this year. As a result, one should expect the slowdown of the downward dynamics of oil. The oil market is focused on the oil reserves in the US.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 64.00 and 64.50 $ per barrel, for Brent – 67.50 and 68.00 $ per barrel.
- Support levels are: for WTI – 63.00 and 62.50 $ per barrel, for Brent – 65.50 and 66.00 $ per barrel.
Graph of WTI. Current price – $ 63.00
Graph of Brent. Current price – $ 66.70
Hanzenko Anton