Oil Today: Oil is Waiting for OPEC Meeting
Oil quotations are trading lower on Wednesday trading, which was caused by the publication of API data and the expectation of the OPEC meeting. Yesterday at the end of the day there was an API report, which showed an unexpected increase in oil reserves over the past week in the US by 1.8 million barrels. This markedly reduced optimism about oil and strengthened the weekly downtrend in oil. Now the attention of the market is focused on the EIA data, which will be released today.
An additional risk factor is the forthcoming meeting of OPEC and non-cartel countries on the issue of the agreement on the limitation of world oil production, which will be held tomorrow. As a result, the oil market remains in considerable uncertainty ahead of the upcoming events.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 58.00 and 58.50 $ per barrel, for Brent – 63.00 and 63.50 $ per barrel.
- Support levels are: for WTI – 57.50 and 57.00 $ per barrel, for Brent – 62.50 and 62.00 $ per barrel.
WTI chart, current price – $ 57.50
Brent chart, current price – 62.50 $
Hanzenko Anton