Oil today: oil retreated from annual highs
On Friday, oil quotes are traded at the opening level of the day after the annual maximum was updated earlier. The maintainance of optimism in the oil market is caused by the compliance with the OPEC agreement to limit oil production and reduce oil reserves and drilling activity in the United States. Also, do not forget about the decline in the US currency, which also contributes to higher oil prices.
Oil remains near the three-year highs, receiving support from optimistic data. Also, there is some overbought on the oil market , which can cause rapid correction due to the negative data.
The oil market is now awaiting the publication of data on drilling activity in the US, which can serve as a driver for the movement in the market.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 64.00 and 64.70 $ per barrel, for Brent – 69.50 and 70.00 $ per barrel.
- Support levels: for WTI – 63.00 and 62.50 $ per barrel, for Brent – 68.90 and 68.50 $ per barrel.
WTI chart, current price – $ 63.40
Brent chart, current price – 69.10 $
Hanzenko Anton