Oil today

At the auction on Friday, oil quotations accelerated the decline based on the positive opening of the European stock indices. The reason for the weakening of oil quotations was the widespread strengthening of the US currency and the correction of positions on oil before the entrance.

Also, the pressure on oil was exacerbated by the conflict in Kirkuk. The Iraq’s statements about the full restoration of oil production from this region to the weekend completely dispelled fears of the market. Despite the negative outlook for oil, further decline in oil prices will be limited to the highs of last week and the maintenance of the general upward trend.

• The nearest resistance levels: for WTI – 51.50 and 52.00 $ per barrel, for Brent – 57.50 and 58.00 $ per barrel.
• Supporting are the marks: for WTI – 50.50 and $ 50.00 per barrel, for Brent – 56.50 and $ 56.00 per barrel.

Recommended for reading: Technical Analysis

Hanzenko Anton