Oil today

At the auction on Thursday, oil quotations continue to weaken moderately based on the data on the growth of oil exports from the US, despite the reduction in inventories. Earlier, the oil was under considerable pressure due to a weaker decrease in oil reserves and an increase in exports from the US. An additional factor is the weak negative dynamics of distillates, which will also push American exporters to increase exports.

Despite this, oil is trading near the annual highs, remaining above significant levels, which were resistance. In addition to data from the US, the oil market is gradually resuming the balance between supply and demand, as also indicated by the emerging dynamics of oil.

• The nearest resistance levels: for WTI – 55.00 and 55.50 $ per barrel, for Brent – 61.50 and 62.00 $ per barrel.
• Support levels: for WTI – 54.00 and 53.50 $ per barrel, for Brent – 60.00 and 59.50 $ per barrel.

Recommended for reading: Technical Analysis

Hanzenko Anton