Oil today: oil is in uncertainty
At the auction on Thursday, oil quotations demonstrate a multidirectional dynamics after the update of the daily high. The reason for the increase in optimism is the expectations regarding the extension of the OPEC agreement to limit world oil production.
On the other hand, oil remains under pressure of the rising stocks of crude oil and increased drilling activity in the United States. So, according to the results of the latest EIA report, crude oil reserves in the US increased by 2.2 million barrels per week. This is associated with the rise in oil prices. As a result, the dynamics of the main brands of oil is limited by the levels of the opening of November, and will largely depend on OPEC’s requests for an extension of the arrangement.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 56.00 and 56.50 $ per barrel, for Brent – 62.00 and 62.50 $ per barrel.
- Support levels: for WTI – 54.50 and 54.00 $ per barrel, for Brent – 61.00 and 60.50 $ per barrel.
WTI
Brent
Hanzenko Anton