Oil today: oil keeps negative dynamics

At tradings on Tuesday, oil quotations maintain negative dynamics for the second day in a row, which was caused by continuing concerns about the growth of shale oil production in the US. Despite the extension of the OPEC agreement to limit oil production by the end of 2018, oil prices were under pressure. The negative sentiment about oil was caused by the expectation of an increase in the production of shale oil in the US due to the rising oil prices. As a result, oil after growth last week remains under pressure.

Now, market is focused on the forthcoming report on US oil reserves by API, which will be released today at the end of the day and tomorrow’s EIA report. Thanks to them, it is possible to assess the existing dynamics of oil demand.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 57.60 and 58.00 $ per barrel, for Brent – 62.60 and 63.00 $ for barrel.
• Support levels: for WTI – 57.00 and 56.70 $ per barrel, for Brent – 62.00 and 61.40 $ per barrel.

WTI graph, current price – $ 57.90

Brent graph, current price – $ 63.40

Hanzenko Anton