Oil today
At auction on Monday, oil quotes remain inactive, trading near annual highs. Friday’s increase in oil prices was due to the growth of optimism amid the possibility of extending OPEC’s agreement to limit world oil production. As a result, oil overcame significant resistance levels and is trading in some overbought zone, which in the end can cause correction of positions on oil.
- The nearest resistance levels: for WTI – 54.00 and 54.50 $ per barrel, for Brent – 60.50 and 61.00 $ per barrel.
- Support levels are: for WTI – 53.50 and 53.00 $ per barrel, for Brent – 59.50 and 58.00 $ per barrel.
Recommended for reading: Technical Analysis
Hanzenko Anton