Oil today: oil quotes are under pressure

On Wednesday, oil prices remain under pressure due to the persistence of concerns about the trade war and the uncertainty associated with Russia’s agreement to extend OPEC’s agreement to limit oil production.

Since the beginning of the week, the main oil brands have remained at a reduced level on fundamental risks, despite the API data on the reduction of oil reserves in the US. Also today, the oil market expects the EIA report, which can resume optimism about oil. Do not forget that the general trend for oil, which is traced from February, will limit further decline in oil quotations.

Recommended for reading: Technical analysis of oil and not only.

• The nearest resistance levels (signals to sell oil): for WTI – 63.00 and 63.60 $ per barrel, for Brent -67.50 and 68.20 $ per barrel.
• Support levels are (signals to buy oil): for WTI – 62.00 and 61.50 $ per barrel, for Brent – 66.50 and 66.00 $ per barrel.

Graph of WTI. Current price – 62.30 $

Graph of Brent. Current price – $ 66.90

Hanzenko Anton