Oil Today: Oil Slows Growth
On Tuesday, oil quotations are traded with a slight decrease against the backdrop of the strengthening of the US currency and restrained growth in world stock indices. A small advantage of the WTI brand is caused by data on the decrease in supplies from Canada due to problems with the Keystone pipeline.
At the same time, both brands of oil remain under pressure of technical correction and the monthly downward trend in oil. In addition to technical factors limiting the growth of oil prices, oil quotes continue to receive support from the tensions in the Middle East and the possibility of extending OPEC’s agreement to limit world oil production.
Recommended for reading: Technical analysis of oil.
- The nearest resistance levels: for WTI – 62.50 and 63.00 $ per barrel, for Brent – 65.50 and 66.00 $ per barrel.
- Support levels: for WTI – 61.50 and 61.00 $ per barrel, for Brent – 64.50 and 64.00 $ per barrel.
Graph of WTI. Current price – $ 61.60
Graph of Brent. Current price – 65.10 $
Hanzenko Anton