Update for oil market

Update for oil market

The oil traders are awaiting the release of crude oil inventories at 17:30 MT time. According to the forecasts, the number of barrels will advance by 2 million. If the actual level is higher, the oil prices will go down.

  • The price for WTI has been trading within a descending channel.  At the beginning of the trading day, it has failed to overcome the $54.2 resistance level. If the actual data by the Energy Information Administration shows the lower number of inventories, the price for WTI will break the $54.2 level and target the next resistance at $54.68. In case of an alternative scenario, the price for WTI will slide to the $53.4 level. The next support will be placed at $52.85.

WTI_OilH4.png

  • Brent’s price has fallen towards the support level at $58.75. If the price overcomes this level, the next support will be placed at $58.5. After that, reaching the $58 level seems possible. From the upside, the first resistance level will lie at $59.4. The next resistance will be placed at $59.84.

Brent_OilH4.png

Similar

Oil market updates on October 23

According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.

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