Oil today: oil strengthens on market optimism
On Monday, oil quotations are traded with strengthening on correction after Friday’s decline and growth of market optimism, which was caused by a positive start of world stock exchanges. Despite the notes of optimism, the downward dynamics of oil continues to persist, as does the growth of drilling activity in the United States. Over the past week, the number of drilling rigs in the US increased by 26 units, which negatively affects the general sentiment of the oil market. Also, the growth of oil production in the US, which exceeds the level of 10.25 million barrels per day, continues to be a negative factor for oil prices. At the same time, significant levels of oil support remain possible reversal zones.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 61.00 and 61.50 $ per barrel, for Brent – 64.50 and 65.00 $ per barrel.
- Support levels are: for WTI – 59.30 and 58.50 $ per barrel, for Brent – 62.50 and 62.00 $ per barrel.
Graph of WTI. Current price – 60.20 $
Graph of Brent. Current price – $ 63.60
Hanzenko Anton