Oil today: oil is in the phase of correction

Oil quotations were under pressure after yesterday’s growth on data about the reduction of crude oil reserves in the US by 1.8 million barrels per week and data on interruptions in the transit of raw materials from Canada to the United States. As a result, oil is trading with a decrease on correction, but also remains near the local highs of recent weeks.

The oil market is focused on the forthcoming meeting of OPEC and non-cartel countries, which will be held on November 30 in Vienna. At this meeting, according to market expectations, an extension of the agreement to limit world oil production will be held. At the moment, the oil market remains in the correction phase after growth.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 58.50 and 59.00 $ per barrel, for Brent – 64.00 and 64.50 $ per barrel.
• Support levels: for WTI – 57.50 and 57.00 $ per barrel, for Brent – 62.50 and 62.00 $ per barrel.

Brand Brent

WTI Brand

Hanzenko Anton