Oil today

At the auction on Thursday, oil quotes remain trading near weekly lows after a decline in the middle of the day. The pressure on oil quotes was exerted by the negative dynamics of world stock indices and data on the growth of oil product residues in the US. The attention was shifted from geopolitical risks in the Middle East to the existing overbought of oil.

As a result, both oil brands have fallen to a minimum this week, and expect new drivers to move. This zone can be considered as a point of buy entry, but in conditions of recovery of optimism in the market.

• The nearest resistance levels: for WTI – 52.70 and 52.00 $ per barrel, for Brent – 58.00 and 58.50 $ per barrel.
• Supported by the levels: for WTI – 51.20 and 51.00 $ per barrel, for Brent – 57.00 and 56.50 $ per barrel.

Recommended for reading: Technical Analysis

Hanzenko Anton