Oil today: oil quotations are trading near two-year highs
On Tuesday, oil quotations are trading with a slight decrease based on the correction after growth and a decrease in trading volumes. Despite this, the overall dynamics of oil remains ascendant, although it is limited to recent highs. The growth of optimism about oil is caused by the decrease in drilling activity in the US, because of the seasonality. The market closely monitors the volume of crude oil production in the US, which recently showed a slowdown.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 58.60 and 58.90 $ per barrel, for Brent – 65.30 and 65.80 $ per barrel.
- Support levels: for WTI – 58.20 and 57.80 $ per barrel, for Brent – 64.40 and 63.90 $ per barrel.
WTI chart, current price – $ 58.40
Brent chart, current price – 64.60 $
Hanzenko Anton