Oil today: oil is under correction pressure
On Monday trading, oil quotations are traded with a slight decrease, remaining under pressure of correction after the rapid growth on Friday. The factor that exerted pressure on the cost of oil was the increasing number of drilling rigs in the US to the level of 800 units. This mark remains a kind of psychological level, the breakthrough of which will indicate a significant increase in oil production in the United States.
The technical picture of oil continues to indicate the continued downward trend and saving the potential to decline, which can be limited to the fundamental factors in the growth of demand in the market. In the conditions of Friday’s growth, oil remains under pressure and retains its potential to decline.
Recommended for reading: Technical analysis of oil and not only
- The nearest resistance levels (signals for the sale of oil): for WTI – 62.50 and 63.00 $ per barrel, for Brent – 66.20 and 66.50 $ per barrel.
- Support levels (signals to buy oil): for WTI – 61.70 and 61.10 $ per barrel, for Brent – 65.70 and 65.40 $ per barrel.
WTI brand Graph. Current price – 62.10 $
Brent brand Graph. Current price – $ 67.00
Hanzenko Anton