Oil today: oil quotes are pending EIA data - Ester Holdings
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Oil today: oil quotes are pending EIA data

After a slight decline in oil prices at the beginning of the day, on the general strengthening of the value of the American currency, which was caused by the publication of the optimistic FOMC protocol, oil prices recovered to the level of the opening day. What also was caused by optimism after the publication of the API data, which showed a decrease in oil reserves in the US by 0.9 million barrels per week.

Now the oil market is focused on the upcoming EIA report, which will be released today. Against the backdrop of the growth in drilling activity in the United States from the upcoming data, oil reserves are expected to increase, but the latest API forecast points to the contrary, which causes some uncertainty about the cost of oil. As a result, before the release of data on oil reserves, one should expect fluctuations in the cost of oil in the lateral range.

Recommended for reading: Technical Analysis of Oil

  • The nearest resistance levels: for WTI – 61.50 and 62.00 $ per barrel, for Brent – 65.50 and 66.00 $ per barrel.
  • Support levels are: for WTI – 60.50 and 60.00 $ per barrel, for Brent – 64.50 and 64.00 $ per barrel.

Graph of WTI. Current price – 61.30 $

Graph of Brent. Current price – 65.00 $

Hanzenko Anton

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