Oil today: oil remains at the opening level of the day
After yesterday’s rise in oil prices on the data that Saudi Arabia will continue to adhere to the plan to limit oil production in 2018 and the overall depreciation of the US currency, oil trades at the opening day, thereby maintaining optimism in the oil market, but also limited to the current downward trend.
Recently, the oil market switched from data on oil reserves and oil production in the US to comments by OPEC representatives and the exchange rate of the American currency. At the same time, the growth in oil production in the United States continues to grow. The strengthening of oil prices are caused by the forecasts for increasing demand and limiting production, which set the sentiments of the market.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 62.00 and 62.50 $ per barrel, for Brent – 65.00 and 65.60 $ per barrel.
- Support levels: for WTI – 61.00 and 60.50 $ per barrel, for Brent – 64.00 and 63.50 $ per barrel.
Graph of WTI. Current price – $ 61.40
Graph of Brent. Current price – $ 64.50
Hanzenko Anton