Oil today: oil is rising
At the auction on Friday, oil quotations show growth, especially WTI oil brand. The noticeable strengthening of the WTI was caused by the data on transit disruptions from Canada. Also, the growth of US oil is promoted by data on the reduction of crude oil reserves in the US, which positively affects the oil market as a whole. But this unbundling of the main brands of WTI and Brent oil is mostly caused by a decrease in activity on the market than by some fundamental factors. That is why oil market will soon return to the unidirectional dynamics.
The oil market is trading on optimism, receiving support from the expectation of an extension of the OPEC agreement to reduce world oil production.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 59.00 and 59.50 $ per barrel, for Brent – 64.50 and 65.00 $ per barrel.
- Support levels are: for WTI – 58.00 and 57.50 $ per barrel, for Brent – 63.00 and 62.50 $ per barrel.
The Brent brand
The WTI brand
Hanzenko Anton