Oil today: oil remains near annual highs

On Monday, oil prices remain near the three-year highs on data that the US can withdraw from the nuclear deal on Iran, which will eventually trigger a resumption of sanctions on Iran and a reduction in supply in the oil market. On the other hand, further strengthening of the cost of oil is limited by its overbought and the absence of an official decision, which is expected on May 12.

Another significant factor in the strengthening of oil prices has become an aggravation of the economic crisis in Venezuela, which causes a decline in oil production in this country. Also, the limiting factor for oil growth is the growth of drilling activity in the US and with it the level of production in the US.

• The nearest resistance levels (signals to sell oil): for WTI – 71.00 and 72.00 $ per barrel, for Brent – 76.00 and 76.50 $ per barrel.
• The support levels are (signals to buy oil): for WTI – 69.00 and 68.00 $ per barrel, for Brent – 75.00 and 74.00 $ per barrel.

Hanzenko Anton