Oil today: oil quotations are near the monthly minimum
On Tuesday, oil prices show restrained dynamics, remaining near the February lows and keeping downward dynamics. The accelerated sale of oil, as well as escape from risks, was caused by the collapse of the US stock indices. At the same time, the sentiment on the oil market is very mixed, due to the increase in oil production in the US and compliance with OPEC agreements, which are strengthened by the continued high level of demand for oil.
The main oil brands are traded in the correction phase, thus indicating a slowdown in the overall upward trend in oil. At the same time quotes of WTI are near a significant level of support. The breakthrough of this level will indicate the possibility of further reduction and development of the figure “double top”. As a result, Brent will also be under pressure.
The spread between Brent and WTI slowed the decline, which indicates some normalization in the oil market. But this figure is near the five-month lows, thus indicating the growing popularity of the American oil.
Recommended for reading: Technical analysis.
- Nearest resistance levels: for WTI – 64.00 and 64.50 $ per barrel, for Brent – 67.50 and 68.00 $ per barrel.
- Support levels: for WTI – 63.30 and 63.00 $ per barrel, for Brent – 65.50 and 66.00 $ per barrel.
WTI chart, current price – $ 63.60
Brent chart, current price – $ 66.90
Chart of the spread of Brent and WTI. Current price – 3.40
Anton Hanzenko