Oil today
Oil quotes remain trading with a decrease because of the expectation of data on oil reserves in the US from the API, which will come out today. In addition to data on the US, oil market continues to closely monitor geopolitical situation in the Middle East and OPEC statements regarding the possibility of extending the arrangements.
The oil quotes as a whole remain very restrained and limited in movement near the monthly maximum. Such movement of oil quotations is partly due to the expectation to achieve a balance of supply and demand in the oil market as well as the lack of actions for the growth of oil prices.
- The nearest resistance levels: for WTI – 52.50 and 53.00 $ per barrel, for Brent – 58.50 and 59.00 $ per barrel.
- Supported by the levels: for WTI – 51.50 and 51.00 $ per barrel, for Brent – 57.00 and 56.50 $ per barrel.
Recommended for reading: Technical Analysis.
Hanzenko Anton