Oil today: oil remains optimistic
On Thursday, oil quotations are traded with a slight decrease in correction after the update of the three-year highs, which was caused by the general decline in the US currency and positive comments by large oil producers.
Support to the oil is provided by a general decrease in the US currency, which in turn reduces the cost of oil imports. Also, support for oil quotations was provided by a number of speeches by representatives of OPEC and Russia, who supported the intention to extend the pact to limit oil production. At the same time, the US Energy Minister said that the growth of shale oil production in the US will not affect the unbalance of demand in the world oil market, based on its steady growth.
At the same time, the latest EIA report showed the continued decline in crude oil reserves in the US, confirming the growth in oil production in the US, which reached the level of 9.9 million barrels per day. As a result, oil production growth rates remain at record highs.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 66.50 and 67.00 $ per barrel, for Brent – 71.20 and 71.50 $ per barrel.
- Support levels are: for WTI – 65.50 and $ 65.00 per barrel, for Brent – 70.50 and $ 70.00 per barrel.
WTI chart, current price – $ 66.10
Brent chart, current price – 70.80 $
Hanzenko Anton