Oil today: oil is in uncertainty
On Monday, after the growth at the beginning of the European session, oil was again under pressure of the strengthening of the US currency. The ambiguous dynamics of oil is conditioned by the expectation of the results of the meeting of representatives of OPEC and the US oil companies that will be held today in Houston. The oil market does not hold special hopes for this meeting. At the same time, the main support for oil is provided by data on the interruption of supplies from the Sharara field in Libya. The overall technical picture of oil continues to be downward, which confirms the weekly decline and the formation of the figure “head and shoulders.“
Recommended for reading: Technical Analysis of Oil
- The nearest resistance levels: for WTI – 62.00 and 62.60 $ per barrel, for Brent – 65.00 and 65.70 $ per barrel.
- Support levels are: for WTI – 60.90 and 60.20 $ per barrel, for Brent – 64.00 and 63.20 $ per barrel.
Graph of WTI. Current price – $ 61.40
Graph of Brent. Current price – $ 64.40
Hanzenko Anton