Oil today: oil maintains a positive attitude

On Friday, oil quotations are trading with a plus due to the termination of the pipeline in the North Sea, because of discovery of a malfunction, which can take several weeks to repair.

Also, OPEC’s agreement to limit oil production still supports oil. But, despite the optimistic data, concerns about supply and demand remain, which is caused by the growth of drilling activity in the US and the last report of the IEA.

So, because of the growth in the production of oil shale in the US, the market is expected to resume an oversupply, which will limit the growth of oil prices, despite the agreements of OPEC.

Recommended for reading: Technical Analysis

• The nearest resistance levels: for WTI – 57.60 and 58.00 $ per barrel, for Brent – 64.00 and 64.60 $ per barrel.
• Support levels: for WTI – 57.00 and 56.60 $ per barrel, for Brent – 62.80 and 62.00 $ per barrel.

WTI chart, current price – $ 57.30

Brent chart, current price – $ 63.30

Hanzenko Anton