Oil today: oil quotes strengthened due to the worsening of the situation in the Middle East
On Tuesday, oil prices markedly accelerated growth due to the worsening of the situation in the Middle East. The increased fears was caused by data on the possibility of renewing sanctions against Iran. Also, the tension between Saudi Arabia and Iran has increased, which can provoke interruptions in the supply of oil from this region.
But, despite the possible risks in the Middle East, oil prices remain limited by upcoming US data and the possibility of rising oil production in the US. This will have a deterrent effect on the dynamics of oil.
Recommended for reading: Technical analysis of oil and not only.
- The nearest resistance levels (signals to sell oil): for WTI – 63.00 and 63.40 $ per barrel, for Brent – 67.00 and 67.50 $ per barrel.
- Support levels (signals to buy oil): for WTI – 62.50 and 62.10 $ per barrel, for Brent – 66.50 and 66.00 $ per barrel.
Graph of WTI. Current price – $ 62.90
Graph of Brent. Current price – $ 66.90
Hanzenko Anton