Oil today: oil remains optimistic
On Monday, oil quotes are traded with strengthening due to the data on the worsening situation in the Middle East. So, after the escalation of the Israeli conflict with Iran due to the incident on the border with Syria, the oil quotations creep up, which was caused by growing fears about disruptions in oil supplies from the region.
At the same time, oil continues to receive support from recent statements by the representative of the UAE on the intention to extend the agreements to limit oil production. The growth of oil prices is caused by the growth of drilling activity in the USA, where for the last week the number of drilling rigs increased by 7 units. Despite the obvious correction for oil, the overall downward dynamics of oil remains in force, which limits the strengthening of oil quotations.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 62.50 and 63.00 $ per barrel, for Brent – 65.50 and 66.00 $ per barrel.
- Support levels are: for WTI – 61.50 and 61.00 $ per barrel, for Brent – 64.50 and 64.00 $ per barrel.
Graph of WTI. Current price – $ 61.60
Graph of Brent. Current price – 65.10 $
Hanzenko Anton