Oil today: oil remains under pressure
On Tuesday, oil quotations are traded lower. The reason for the negative sentiment in the oil market is still data on the growth of oil production in the US and the last report of the IEA. So, the IEA report indicated the possibility of an increase in oil production in non-OPEC countries more rapidly. Such a report only exacerbated the negative sentiment in the oil market, which slightly improved after a brief strengthening of the stock indices.
After another decline, oil quotations are limited by the levels of December last year and the upcoming data on oil reserves in the US. At the same time, the attention of the oil market shifts to the level of production, rather than oil reserves in the US.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 59.50 and 60.00 $ per barrel, for Brent – 63.00 and 63.60 $ per barrel.
- Support levels: for WTI – 58.60 and 58.00 $ per barrel, for Brent – 62.00 and 61.50 $ per barrel.
Graph of WTI. Current price – $ 59.10
Graph of Brent. Current price – $ 62.60
Hanzenko Anton