Oil today: oil strengthens with caution
At the auction on Friday, oil quotations are growing very restrained after OPEC and non-cartel countries have extended agreements to limit oil production by the end of 2018. The strengthening of oil prices is limited by concerns related to the increase in the production of oil shale in the US, which is growing along with oil prices. Therefore, OPEC’s actions to limit oil production will remain extremely cautious so as not to provoke an increase in production in the United States.
From a technical point of view, oil is preparing to reverse the weekly downtrend in oil, but, probably, the strengthening of oil prices will be very cautious.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 58.00 and 58.50 $ per barrel, for Brent – 63.50 and 64.00 $ per barrel.
- Support levels are: for WTI – 57.50 and 57.00 $ per barrel, for Brent – 62.50 and 62.00 $ per barrel.
WTI chart, current price – $ 57.50
Brent chart, current price – 62.70 $
Hanzenko Anton