Oil today

At the auction on Friday, oil quotations are adjusted restrained after yesterday’s growth. As a result ,the maximum of recent months was updated. The reason for the strengthening of oil prices was the possibility of extending the OPEC agreement to limit world oil production, and restrictions after the end of the contract. These restrictions on the expiration of the contract mean to designate a framework for oil producers that will not allow a rapid return to previous volumes of oil production. This perspective was taken up by the oil market very optimistically and implies a longer limit to world oil production.

But, so far this is only a prospect that will be negotiated and remain an excuse for speculation in the oil market. Today there will be data on drilling activity in the US, which can also have an impact on the market.

• The nearest resistance levels: for WTI – 53.00 and 53.50 $ per barrel, for Brent – 59.50 and 60.00 $ per barrel.
• Supported by the levels: for WTI – 52.00 and 51.50 $ per barrel, for Brent – 58.50 and 58.00 $ per barrel.

Recommended for reading: Technical Analysis

Hanzenko Anton