Oil today: oil quotes continue to trade near annual highs on the background of the expectation of the OPEC meeting
On Friday, oil quotations are traded at the level of the opening of the day after a short decline, which was caused by correction after growth. At the same time, despite a significant overbought, optimism about oil continues to persist, which is caused by a decrease in oil reserves in the US and compliance with OPEC’s agreements to limit oil production. Today, the oil market will be focused on the meeting of OPEC representatives, from which the hints of a further fate to limit oil production is expected.
Recommended for reading: Technical analysis of oil and not only.
- The nearest resistance levels (signals to sell oil): for WTI – 69.00 and 69.50 $ per barrel, for Brent -744.50 and 75.00 $ per barrel.
- Support levels (signals to buy oil): for WTI – 68.00 and 67.50 $ per barrel, for Brent – 73.00 and 72.50 $ per barrel.
Hanzenko Anton