Oil today: oil is in anticipation of EIA data

Oil quotes on Wednesday show very low-key dynamics, despite data on the growth of the US oil reserves by 0.93 million barrels, the widespread growth of the American and the flight of investors from risks.

• Thus, at the beginning of the day, data on the US oil reserves from the API came out, which showed a significant increase in crude oil reserves of 0.93 million barrels and gasoline by 1.91 million barrels per week.

This statistics was taken very cool against the background of a decline in oil on the overall growth of the US currency.

Now the oil market is focused on the EIA data, which will be released today. Oil quotes remain near the lower border of the rising channel, in which they trade from the middle of February. Breakdown of this channel will indicate the resumption of the downtrend in oil and thus indicate a deeper correction against growth, which was traced at the beginning of the year.

Recommended for reading: Technical Analysis of Oil

• The nearest resistance levels: for WTI – 64.00 and 64.50 $ per barrel, for Brent – 67.00 and 67.50 $ per barrel.
• Support levels are: for WTI – 62.50 and 62.00 $ per barrel, for Brent – 66.00 and 65.50 $ per barrel.

Graph of WTI. Current price – $ 62.80

Graph of Brent. Current price – $ 66.40

Hanzenko Anton