The first glimmer of hope in oil industry
Observing news today one can easily get disappointed. However, things are getting better.
Crude's prices fall on the inventories' release
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels. The output rose by 2.4 million barrels (vs. the expected decline by 2.9 million).
- The price for WTI tested June's support at $50.72. If this level is broken, the price will be vulnerable to the fall towards the $50 level. After the break of that support, pay attention to the $48.46 level. From the upside, the key resistance levels lie at $53.30-$53.73, $54.4 and $55.6.
- Brent slid to the support at $55.53. If this level is broken, it will increase the chance of reaching the $54.70 level. After that, the January's lows at $52.8 will be in focus. If the $55.53 level is rejected, bulls will push the price for Brent towards the resistance at $59.13. The next one will be placed at $60.4.
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