Current trend
Against the backdrop of a positive report from the International Energy Agency, the price of North American light oil WTI Crude Oil is rising, trading at 72.46.
According to the ministry's renewed forecast, global energy demand in 2021 will increase by 5.2M barrels per day, which is generally in line with August data, and there is no talk of a sharp drop in demand. It is confirmed by the American Petroleum Institute (API) and the Energy Information Administration (EIA). According to API statistics, weekly stocks of "black gold" decreased by 5.437M barrels, relative to a decrease of 2.882M a week earlier. According to the EIA, the decline was even more: over the past week, the indicator lost 6.442M barrels, which is significantly higher than even the bold forecasts of analysts at 3.544M. Such dynamics mean that the oil demand continues to rise and, in some moments, exceeds the supply, which is a positive signal for the market.
Support and resistance
The price left the downwards channel on the global chart, breaking the resistance line and confidently holding above it. Technical indicators reversed and issued a sell signal: Alligator indicator's EMA fluctuations range expands towards growth, and the histogram of the AO oscillator grows in the buy zone.
Resistance levels: 73.40, 76.41.
Support levels: 70.50, 66.26.
Against the backdrop of a positive report from the International Energy Agency, the price of North American light oil WTI Crude Oil is rising, trading at 72.46.
According to the ministry's renewed forecast, global energy demand in 2021 will increase by 5.2M barrels per day, which is generally in line with August data, and there is no talk of a sharp drop in demand. It is confirmed by the American Petroleum Institute (API) and the Energy Information Administration (EIA). According to API statistics, weekly stocks of "black gold" decreased by 5.437M barrels, relative to a decrease of 2.882M a week earlier. According to the EIA, the decline was even more: over the past week, the indicator lost 6.442M barrels, which is significantly higher than even the bold forecasts of analysts at 3.544M. Such dynamics mean that the oil demand continues to rise and, in some moments, exceeds the supply, which is a positive signal for the market.
Support and resistance
The price left the downwards channel on the global chart, breaking the resistance line and confidently holding above it. Technical indicators reversed and issued a sell signal: Alligator indicator's EMA fluctuations range expands towards growth, and the histogram of the AO oscillator grows in the buy zone.
Resistance levels: 73.40, 76.41.
Support levels: 70.50, 66.26.