Oil today: oil is in the corrective phase
On Thursday, oil quotations are traded with a slight decrease, remaining under pressure after the growth due to the publication of API data on the reduction of oil reserves in the US. Correction movement in oil is mainly caused by the desire to fix profit before the upcoming data on oil reserves and oil production in the United States. The main concerns about oil is associated with the growth of oil exports from the US, which could cause a collapse in the oil market and call into question the appropriateness of compliance with the OPEC arrangement.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 64.50 and 65.00 $ per barrel, for Brent – 69.60 and 70.00 $ for barrel.
- Support levels are: for WTI – 63.50 and 63.00 $ per barrel, for Brent – 69.00 and 68.60 $ per barrel.
WTI chart, current price – $ 64.00
Brent chart, current price – $ 69.40
Hanzenko Anton