Oil today: oil keeps a downward trend
On Monday, oil quotations remain in the weekly downtrend, despite data on the reduction of drilling activity in the US. Thus, the main oil brands are traded with a slight decrease, which is mainly due to the expectation of an increase in oil production in the US this year to new highs. At the same time, a deterrent to the decline in oil is the statement by the representative of Saudi Arabia that the agreement to limit world oil production remains in force.
Thus, oil remains in the correction phase after a month’s growth and maintains a general upward trend, which may be limited by concerns about the growth of oil production in the US and the resumption of production in OPEC.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 63.50 and 64.00 $ per barrel, for Brent – 69.00 and 69.50 $ per barrel.
- Support levels are: for WTI – 63.00 and 62.50 $ per barrel, for Brent – 68.00 and 67.50 $ per barrel.
WTI chart, current price – $ 63.30
Brent chart, current price – $ 68.50
Hanzenko Anton