Oil today

At auction on Wednesday, oil quotes continue to trade in positive dynamics amid the possibility of interruptions in oil supplies from the Middle East and the reduction of oil reserves in the United States. Thus, concerns about Iran will continue because of the possibility of the return of US sanctions on the nuclear program. Regarding Iraq, concerns remain related to separatist sentiment in Kirkuk. As a result, this news is the main driver of rising oil prices in recent weeks.

API data is a new driver for oil consolidation. The data showed a significant reduction in crude oil inventories since September by 7.1 million barrels per week. But, stocks of gasoline and distillates increased.

Now, the market is focused on the data from the EIA, which will be released today. According to the Energy Information Administration (EIA), a slight reduction in crude oil reserves in the US is expected within 4 million barrels per week.

• The nearest resistance levels: for WTI – 52.50 and 53.00 $ per barrel, for Brent – 58.50 and 59.00 $ per barrel.
• Supported by the levels: for WTI – 51.50 and 51.00 $ per barrel, for Brent – 57.50 and 57.00 $ per barrel.

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Hanzenko Anton