Oil today: oil quotes remain near the highs
On Monday, oil quotes remain near the three-week highs on forecasts of a reduction in oil production in East and South-East Asia and resumption of market optimism. Thus, according to the forecasts of Rystad Energy, in East Asia, by 2025, oil production is expected to decrease by 20%, which is caused by natural depletion of the fields. Also, the support for oil was positively triggered by the start of the global stock exchanges, which caused an increase in optimism in the market and strengthening of raw materials.
In turn, oil quotes continue to trade with strengthening, maintaining an upward trend, limiting themselves to overbought and the possibility of forming a correction.
Recommended for reading: Technical analysis of oil
- The nearest resistance levels: for WTI – 64.00 and 64.50 $ per barrel, for Brent – 67.50 and 68.00 $ per barrel.
- Support levels are the levels: for WTI – 63.00 and 62.50 $ per barrel, for Brent – 66.50 and 66.00 $ per barrel.
Graph of WTI. Current price – $ 63.40
Graph of Brent. Current price – 68.80 $
Hanzenko Anton