News on oil

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.

Ekaterina Gorbatenko

View all articles author

Similar

29.06.2021 12:00 What Will a New OPEC+ Meeting Mean for the Oil Market?

What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…

21.06.2021 16:25 BofA: oil may reach $100 a barrel next year

Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?

28.04.2021 10:13 OPEC+ confirms supply hikes, WTI rises

The oil cartel completed its teleconference on Tuesday. WTI spiked above $63.

Latest news

24.09.2021 15:11 What Will Move the Market on September 27 – October 1?

Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…

23.09.2021 17:26 Turkey has Decreased Interest Rates, But is it a Buy?

Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.