Oil Today: Oil Recovers After Decline
On Friday, oil quotations are traded with a strengthening on correction after yesterday’s rapid decline at the end of the day, which was mainly caused by seasonal decline in demand and the output of oil refineries for scheduled repairs. This may cause a decline in demand for oil. Also, concerns about oil are caused by the growth in the production of shale oil in the US, which is close to the psychological mark of 10 million barrels per day.
At the same time, the dynamics of oil remains in a stable upward trend, due to the OPEC’s statements on compliance with the agreement to limit production and the possibility of extending this agreement.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 66.00 and 66.50 $ per barrel, for Brent – 71.00 and 71.30 $ for barrel.
- Support levels are: for WTI – 65.50 and 65.00 $ per barrel, for Brent – 70.00 and 69.50 $ per barrel.
WTI graph, current price – $ 65.50
Brent graph, current price – 70.60 $
Hanzenko Anton