Oil today: oil is under pressure of growth in drilling activity in the US
Tradings on Monday opened with a noticeable decline in the cost of oil, despite the fact that last week OPEC extended the agreement to limit world oil production.
The negative sentiments regarding oil persist due to the concerns about the growth in the production of shale oil in the US and the growth in the number of active drilling rigs in the United States, which increased by 2 units to 749 during the past week. The main negative to oil is caused by statements of representatives of oil shale in the US, who intend to continue to increase oil production.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 58.00 and 58.50 $ per barrel, for Brent – 63.50 and 64.00 $ per barrel.
- Support levels are: for WTI – 57.50 and 57.00 $ per barrel, for Brent – 63.00 and 62.50 $ per barrel.
WTI graph, current price – $ 57.90
Brent graph, current price – $ 63.40
Hanzenko Anton