Oil today: oil is in anticipation of the EIA report
On Wednesday, oil quotes are traded under pressure after the publication of API data on oil reserves in the US, which showed a hobby for oil reserves of 5.6 million barrels over the past week. As a result, the expectations from the upcoming EIA report have deteriorated noticeably, and the main oil brands are traded below the opening of the day, despite the overall decline in the US currency and a restrained escape from risks.
The main concern in the oil market is the expectation of a significant increase in oil production in the US after a wave of drilling activity that remains at the level of May 2015. In addition to data on oil products, the market expects data on the level of oil production in the United States. Since the summit in Houston, where a meeting of OPEC representatives and US oil producers was held, no obvious results.
Recommended for reading: Technical analysis of oil and not only
- The nearest resistance levels: for WTI – 62.60 and 63.30 $ per barrel, for Brent – 65.80 and 66.20 $ per barrel.
- Support levels are: for WTI – 61.50 and 61.00 $ per barrel, for Brent – 64.90 and 64.50 $ per barrel.
Graph of WTI. Current price – $ 62.20
Graph of Brent. Current price – 65.30 $
Hanzenko Anton