Oil today: oil updates annual highs

At auction on Wednesday, oil prices are trading near the annual highs based on data on the fulfillment of the terms of the OPEC agreement on limiting oil production and API data. In addition to optimism of the production reduce in OPEC, the oil market is monitoring the data on the reduction of crude oil reserves in the US, which unexpectedly accelerated the decline according to the API. Now the attention of the market will be riveted to the statistics on oil stocks in the US by the EIA, which will come out today.

If expectations on reduction in oil reserves are reduced, oil will receive another impetus to growth. This will allow oil quotations to update annual highs. It is also worth noting that the API and EIA expectations for stock reduction are very different, but both indicate a reduction. Therefore, the decrease in crude oil reserves in the US by more than 2 million barrels per week will be a very positive signal.

• The nearest resistance levels: for WTI – 55.50 and 56.00 $ per barrel, for Brent – 62.00 and 62.50 $ per barrel.
• Support levels: for WTI – 54.50 and 54.00 $ per barrel, for Brent – 61.00 and 60.50 $ per barrel.

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Hanzenko Anton