As the American Petroleum Institute (API) reported late Tuesday, oil and oil products stocks fell 8.636 million barrels last week. On the eve of oil prices have been growing on reports of riots in Libya and in connection with the hurricane Florence approaching to the US.
After the publication of the API data, the growth of oil quotes increased.
As a result, a barrel of oil WTI worth at the end of the trading day on Tuesday 69.66 dollars. Since the opening of the trading day on Wednesday, oil prices have remained almost unchanged, and investors are waiting for the publication (at 14:30 GMT) of weekly official data on US stocks from the Energy Ministry of this country. It is expected to reduce inventories by 0.805 million barrels, which should positively affect oil prices.
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Support and resistance levels
The price of WTI crude oil remains in an upward trend. While the price is above the key support levels of 66.35 (Fibonacci level of 23.6% of the correction to the wave of growth, which began in June 2017 with the support level near the 42.00 mark), 64.80 (EMA200 and the bottom line of the upward channel on the daily chart), long-term upward dynamics persist .
The nearest growth target is 71.00 (highs of August), through which the upper line of the ascending channel on the daily chart passes.
Support levels: 68.10, 67.00, 66.35, 64.80, 64.15
Resistance levels: 70.00, 71.00, 72.80, 73.85
Trading Scenarios
Sell Stop 68.90. Stop-Loss 70.10. Take-Profit 68.10, 67.00, 66.35, 64.80, 64.15
Buy Stop 70.10. Stop-Loss 68.90. Take-Profit 71.00, 72.80, 73.85
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