Oil today: oil strengthens due to the production constraints
On Tuesday, oil quotations are trading with a slight strengthening based on data on the closure of the oil pipeline Forties and the reduction of oil production under the agreement of OPEC. But despite this, the dynamics remain limited due to the expectation of publication of oil reserves in the US according to the API, which will be released today. The restriction is caused by the market’s expectations regarding the growth of oil reserves in the US due to the increased drilling activity in the United States.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 57.80 and 58.60 $ per barrel, for Brent – 63.90 and 64.50 $ per barrel.
- Support levels are: for WTI – 57.00 and 56.20 $ per barrel, for Brent – 63.00 and 62.30 $ per barrel.
WTI chart, current price – $ 57.50
Brent chart, current price – $ 63.70
Hanzenko Anton