Oil today: oil quotations remain under pressure

At the auction on Tuesday, oil shows a downward trend, expecting data on oil reserves in the US by the API, which will come out today. Pessimism about the demand for oil intensified after the publication of the report of the International Energy Agency (IEA). So, according to the IEA, expectations were for an increase in the production of shale oil in the United States and a decrease in the forecast for rising oil prices in the future. In connection with the decline in the cost of oil prices, the IEA expects an increase in consumption, which may be very doubtful in the context of the popularization of alternative energy sources and hybrid cars.

Also, additional pressure on oil is provided by the forthcoming data on oil reserves in the US from the API, which recently show an increase in oil reserves, thereby increasing pressure on oil quotations. Do not forget about the psychological pressure on oil, which persists from the beginning of the day.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 57.00 and 57.50 $ per barrel, for Brent – 64.00 and 64.50 $ per barrel.
• Supporting levels: for WTI – 56.00 and 55.50 $ per barrel, for Brent – 62.50 and 62.00 $ per barrel.

Brent

WTI

Hanzenko Anton