Oil today: oil is under pressure of correction after growth

On Thursday, oil quotes are traded with a slight decrease on correction after growth, caused by comments from the representative of Saudi Arabia about the intentions to limit oil production. Saudi Arabia’s intentions to continue oil production constraints are justified by maintaining a deficit in the oil market, which positively affects the cost of oil.

Also, the oil market received support from data on US oil reserves from the EIA, which grew slightly less than expected. At the same time, the daily volume of oil production in the US continues to grow and is 10.27 million barrels per day, which exceeds the volume of oil production in Saudi Arabia.

After the growth on the news, oil remains under pressure of correction, which confirms the safety of the general downward trend in oil.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 61.50 and 62.00 $ per barrel, for Brent – 65.00 and 65.60 $ per barrel.
• Support levels: for WTI – 60.00 and 59.40 $ per barrel, for Brent – 64.00 and 63.50 $ per barrel.

Graph of WTI. Current price – 60.90 $

Graph of Brent. Current price – $ 64.40

Hanzenko Anton