Oil today: the oil quotations are inactive in anticipation of data on oil reserves in the USA

At auction on Wednesday, major oil brands are trading near the lows of two weeks after the reserves of oil in the US showed growth according to the API. So, according to the API report, US crude oil reserves increased by more than 6.5 million barrels over the past week, a record increase over the past 9 months. As a result, oil accelerated the decline on the pessimistic sentiment of the market and the negative dynamics of raw materials.

Now, oil investors has focused on the EIA report, which will be released today. This report is expected to show a reduce of oil reserves in the US, but the market is skeptical about these forecasts.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 56.00 and 56.50 $ per barrel, for Brent – 62.00 and 62.50 $ per barrel.
• Support levels: for WTI – 54.50 and 54.00 $ per barrel, for Brent – 61.00 and 60.50 $ per barrel.

The WTI Brand

The Brent Brand

Hanzenko Anton