Oil today: oil remains under pressure due to fears over growth in production
On Friday, oil quotations remain under pressure of concerns over the growth of oil production and reserves in the US and the general flight of investors from risks. Thus, the dynamics of oil quotes is descending after the breakthrough of the trend line, which indicates the formation of a reversal for oil. At the same time, the main negative sentiments for oil are caused by a steady increase in oil production in the US, as a result of which a complete review of the balance of supply and demand in the oil market is possible.
Recommended for reading: Technical Analysis of Oil
- The nearest resistance levels: for WTI – 61.50 and 62.00 $ per barrel, for Brent – 64.00 and 64.50 $ per barrel.
- Support levels are: for WTI – 60.40 and $ 60.00 per barrel, for Brent – 63.30 and 63.00 $ per barrel.
Graph of WTI. Current price – 60.80 $
Graph of Brent. Current price – $ 63.70
Hanzenko Anton