Oil today: EIA data is expected
On Thursday, oil quotations are trading at the opening level of the day after restrained growth due to the data on the reduction of oil reserves in the US by API. Also, the general dynamics of oil is limited by the low activity of the market and the fact that the main oil brands remain near the two-year highs.
Oil is supported by the interruptions in oil supplies from Libya and compliance with the agreement to limit oil production. Also, support to oil was provided by API data, which indicated a significant reduction in oil reserves in the US over the past week. In turn, the oil market is waiting for confirmation of data on the reduction of oil reserves by EIA report.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 60.00 and 60.50 $ per barrel, for Brent – 66.60 and 67.00 $ for barrel.
- Support levels: for WTI – 59.30 and 59.00 $ per barrel, for Brent – 65.50 and 65.20 $ per barrel.
WTI chart, current price – $ 59.60
Brent chart, current price – 65.90 $
Hanzenko Anton