Oil today: oil is in anticipation of data on oil reserves in the US

On Tuesday, oil quotations are traded with strengthening on the expectation of publication of data on oil reserves in the US from the API. Optimism in the oil market is caused by the expectations for a reduction in oil reserves in the US, the downward trend regarding it is maintained for the seventh consecutive week. The support for oil is also provided by OPEC’s statements on compliance with the agreement to limit world oil production.

The oil market is focused on the API report, which will be released at the end of the day. At the same time, the preservation of the downward dynamics of oil reserves in the US will be seen as a very positive signal, which may limit the expectation of an increase in oil production in the United States.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 64.50 and 65.00 $ per barrel, for Brent – 70.00 and 70.50 $ per barrel.
• Supporting are the marks: for WTI – 63.50 and 63.00 $ per barrel, for Brent – 69.00 and 68.50 $ per barrel.

WTI graph, current price – $ 63.90

Brent graph, current price – $ 69.40

Hanzenko Anton