Oil today: oil quotations remain under slight pressure
On Wednesday, oil is traded with a slight decline after yesterday’s growth. This was caused by the publication of oil reserves in the US according to the API. So, the last API report showed an increase in crude oil reserves by 4.7M barrels per week, thus interrupting the series of declines in oil reserves that was traced for seven consecutive weeks. Also, there are fears concerning data on the growth of gasoline reserves in Asia, which may reduce the level of demand in this region.
The oil market is focused on the upcoming data on oil stocks in the US from the EIA, which will come out today. And also the market monitors the level of oil production in the US. It’s growth can exert considerable pressure on oil quotations.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 64.80 and 65.00 $ per barrel, for Brent – 70.20 and 70.50 $ per barrel.
- Support levels are: for WTI – 64.30 and 64.00 $ per barrel, for Brent – 69.40 and 69.00 $ per barrel.
WTI chart, current price – 64.60 $
Brent chart, current price – 69.80 $
Ganzenko Anton