Oil today: oil in the phase of correction

Oil quotations are trading with the strengthening after a decline on the week, maintaining a correction movement. The rise in oil prices is caused by the growth of optimism in the market and the strengthening of stock indices. Also, the oil market receives support from data on maintaining a high level of oil consumption in China while reducing production in OPEC. As a result, oil quotations are trading with a plus, but are limited by a downward trend.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 57.50 and 57.90 $ per barrel, for Brent – 63.20 and 63.80 $ per barrel.
• Support levels: for WTI – 56.50 and 55.90 $ per barrel, for Brent – 62.00 and 61.50 $ per barrel.

WTI chart, current price – $ 57.10

Brent chart, current price – 62.60 $

Hanzenko Anton