Oil Today: Oil Accelerated Growth on Fundamental Factors
Trading on Wednesday opened with a significant strengthening of oil prices, which was caused by the publication of API data and interruptions of oil supplies from Canada to the United States. Yesterday the data on crude oil reserves by the API came out, which showed a significant reduction in crude oil reserves by 6.4 million barrels per week. This caused a significant increase in optimism regarding the upcoming EIA report on oil reserves, which will be released today. An additional factor in the strengthening of oil prices were data on the reduction in the supply of crude oil from Canada to the US through the Keystone pipeline due to leakage.
As a result, the oil market is focused on the data on oil reserves in the US by EIA and the number of active drilling rigs that will come out today because of the Thanksgiving days off.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 58.00 and 58.50 $ per barrel, for Brent – 64.00 and 64.50 $ for barrel.
- Supported levels are: for WTI – 57.00 and 56.50 $ per barrel, for Brent – 62.50 and 62.00 $ per barrel.
Brand Brent
WTI Brand
Hanzenko Anton