Oil today: oil is under pressure of correction
On Wednesday, oil quotations show a negative trend after the rapid growth yesterday. Yesterday’s rise in oil prices was due to data on the undermining of the oil pipeline in Libya, which caused a reduction in oil exports by 90K bpd. In turn, the resumption of the oil pipeline in the North Sea accelerated the correction of oil. Also, do not forget that the oil quotations are trading near the two-year highs, which will also contribute to the correction.
The oil market is focused on data on oil reserves in the US by API and EIA, which will come out today and tomorrow. From the upcoming data on oil reserves in the US, the market expects to receive information on the state of production in the United States and the existing volumes of consumption.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 60.00 and 60.50 $ per barrel, for Brent – 66.60 and 67.00 $ for barrel.
- Support levels: for WTI – 59.30 and 58.90 $ per barrel, for Brent – 65.30 and 64.50 $ per barrel.
WTI chart, current price – $ 59.60
Brent chart, current price – 65.70 $
Hanzenko Anton