Oil today: oil is under pressure
On Thursday, oil quotations are traded lower, which is caused by the flight of investors from risks against the background of the growth of the US currency and data on the growth of oil reserves in the US. Oil quotes were under considerable pressure against the backdrop of the publication of the EIA report on oil reserves in the US, which showed an increase in crude oil reserves of 3 million barrels and gasoline by 2.4 million barrels per week. Also, the volume of oil production in the US has updated the record at around 10.057 million barrels per day, which has also acted as a negative factor for the cost of oil.
In addition to negative statistics on oil production in the US, the pressure on oil quotations was exerted by the strengthening of the US currency and technical correction at the end of the month due to the profit-fixation. This confirms the preservation of the technical correction for oil against the July growth last year.
Recommended for reading: Technical Analysis of Oil
- The nearest resistance levels: for WTI – 62.00 and 62.60 $ per barrel, for Brent – 65.00 and 65.50 $ per barrel.
- Support levels are: for WTI – 60.80 and 60.50 $ per barrel, for Brent – 63.70 and 63.00 $ per barrel.
Graph of WTI. Current price – $ 61.20
Graph of Brent. Current price – $ 64.20
Hanzenko Anton