Oil Today: Oil Recovers After Decline

At auction on Wednesday, oil prices are trading with strengthening after the decline yesterday on the API data on oil reserves in the US. It showed a slight decrease in crude oil reserves. Oil remains trading near the recent high, continuing to receive support from the worsening situation in the Middle East. Also, the factor that restricts the recovery of oil prices is the stock indices in Europe, which are trading in different directions.

Now, the oil market is focused on EIA data, which will be released today. The dynamics of oil in the near future will largely depend on this statistics. While oil quotations are expected to restrained correction, which will receive support from stock indices.

Recommended for reading: https://esterholdings.com/en/category/tehnicheskij-analiz/ and https://esterholdings.com/en/2017/11/03/oil-current-news-15/.

• The nearest resistance levels: for WTI – 57.50 and 58.00 $ per barrel, for Brent – 64.50 and 65.00 $ per barrel.
• Support levels: for WTI – 57.00 and 56.50 $ per barrel, for Brent – 63.50 and 63.00 $ per barrel.

Hanzenko Anton