Oil today: oil is trading lower
On Thursday, oil quotations are traded downward in order to maintain the correctional movement and data on the sale of the US 5.2 million barrels of crude oil from the strategic reserve, which ultimately had a negative impact on the oil market. Since the US does not export oil. This action, taking into account the significant oil reserves in the US, can cause an increase in negative sentiment in the oil market, caused by the saturation of the world oil market with an American product.
From a technical point of view, oil remains in the correction phase and formed a reversal model. This can cause a drop in oil to the levels of early March.
Recommended for reading: Technical analysis of oil and not only
- The nearest resistance levels (signals to sell oil): for WTI – 65.00 and 65.50 $ per barrel, for Brent -69.50 and 69.90 $ per barrel.
- Support levels (signals to buy oil): for WTI – 63.60 and 63.00 $ per barrel, for Brent – 68.00 and 67.50 $ per barrel.
Graph of WTI. Current price – $ 64.30
Graph of Brent. Current price – $ 68.40
Hanzenko Anton