Oil today: oil rises due to geopolitics
On Thursday, oil quotations are traded with a slight decrease based on correction after a rapid growth on Wednesday. The strengthening of oil was caused by the preservation of political risks in Iran and data on the reduction of oil reserves in the US according to the API. As a result, the main oil brands remain near the highs of 2015. Also, the difficult climatic conditions on the eastern coast of the United States cause the support of oil due to severe frosts, which will contribute to the growth of domestic demand.
The attention of the oil market is focused on EIA data, which is expected to continue reduction of oil reserves in the US due to the growth of seasonal demand.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 62.50 and 63.00 $ per barrel, for Brent – 68.50 and 69.00 $ per barrel.
- Support levels: for WTI – 61.50 and 61.00 $ per barrel, for Brent – 67.50 and 67.00 $ per barrel.
WTI chart, current price – $ 61.80
Brent chart, current price – $ 67.80
Hanzenko Anton