Oil today: oil is under pressure of correction
On Tuesday, oil quotations are traded lower, which is caused by the corrective movement after the rise in oil prices and the recovery of the US currency. As a result, the main oil brands turned out to be under considerable pressure of correction of the positions after growth and expect new drivers for the movement, which may become the upcoming data on oil reserves and oil production in the US.
Despite the existing corrective movement on oil, which is being in the upward trend, the oil market closely monitors the observance of the OPEC arrangement, the political situation in the Middle East and the production of oil in the United States. The latter factor remains one of the probable drivers to the movement of oil prices, which is caused by continuing concerns about the growth of oil production in the US.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 64.50 and 65.00 $ per barrel, for Brent – 70.50 and 70.50 $ per barrel.
- Support levels are: for WTI – 63.50 and 63.00 $ per barrel, for Brent – 69.50 and 68.50 $ per barrel.
WTI graph, current price – $ 63.90
Brent graph, current price – 69.30 $
Hanzenko Anton