Oil today: oil quotes are in anticipation of data on oil reserves in the US
On Tuesday, oil prices are traded with a slight decrease, remaining under pressure of correction after growth and concerns about the growth of oil production in the US. Despite the fact that oil is traded near three-year highs, maintaining a stable upward trend. A significant risks factor is the growth in oil production in the US, which, against a background of seasonal demand reduction, could put considerable pressure on oil quotes.
At the moment, the main oil brands are traded with a decline, maintaining the potential for weakening and confirming the corrective movement. But this movement is embedded in a general upward trend. At the same time, the oil market is focused on the data on oil reserves in the US, which may cause some slowdown of the existing dynamics.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 65.60 and 66.00 $ per barrel, for Brent – 69.20 and 69.70 $ per barrel.
- Support levels are: for WTI – 64.80 and 64.40 $ per barrel, for Brent – 68.60 and 68.20 $ per barrel.
WTI chart, current price – $ 65.00
Brent chart, current price – 68.90 $
Hanzenko Anton