Oil today: oil is under pressure of correction
On Friday, oil quotations remain under pressure of correction after restrained trading on Thursday and publication of mixed data on oil reserves in the US. So, the latest EIA report showed a significant reduction in crude oil stocks for the seventh consecutive week. Along with this, the report indicated a significant increase in gasoline and distillates, which completely blocked positive data on the reduction of oil reserves. As a result, this report was ignored by the market, and the dynamics of oil concentrated on fundamental factors.
After the main oil brands managed to update the highs of recent years, in the oil market, correction is traced. The support for oil quotations cis provided by fundamental factors: a strong cooling in the US and growing protests in Iran. These factors provide the oil market upward dynamics.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 62.00 and 62.50 $ per barrel, for Brent – 68.00 and 68.50 $ per barrel.
- Support levels: for WTI – 61.00 and 60.50 $ per barrel, for Brent – 67.00 and 66.50 $ per barrel.
WTI chart, current price – $ 61.50
Brent chart, current price – $ 67.50
Hanzenko Anton