Oil Today: Geopolitics Pushes Oil Bulls
At the auction on Monday, oil quotations have updated the new annual highs based on the exacerbation of risks. The oil market maintains a downward trend in production and the achievement of a balance of supply and demand. Support for oil was provided by data on the renewal of debt problems in Venezuela and geopolitical risks in Iraq. In addition, it became known about the growing political tension in Saudi Arabia, which also provided support to oil quotations.
Recommended for reading: https://esterholdings.com/en/category/tehnicheskij-analiz/ and https://esterholdings.com/en/2017/11/03/oil-current-news-15/
- The nearest resistance levels: for WTI – 56.00 and 56.50 $ per barrel, for Brent – 63.50 and 63.50 $ per barrel.
- Support levels: for WTI – 55.50 and 55.00 $ per barrel, for Brent – 62.00 and 61.50 $ per barrel.
Hanzenko Anton