Oil today: oil is under pressure of correction
Trades on Monday opened with a noticeable decline in oil prices (WTI – -0.70%, Brent – -0.40%) caused by correction after Friday’s growth caused by statements by the representative of Saudi Arabia.
An additional factor in the decline in oil prices continues to be the negative sentiment of the market and the propensity of investors to safe assets due to the preservation of geopolitical risks in the world. Also, the oil market continues to monitor the statements of OPEC representatives and non-cartel countries, expecting new hints on the continuation of the agreement to limit world oil production. The meeting of OPEC and non-cartel countries will be held on November 30 in Vienna.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 57.00 and 57.50 $ per barrel, for Brent – 63.00 and 63.50 $ per barrel.
- Support levels: for WTI – 56.00 and 55.50 $ per barrel, for Brent – 61.50 and 61.00 $ per barrel.
The Brent brand
The WTI brand
Hanzenko Anton