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API data pressures oil prices

The oil prices on Wednesday appeared in the red zone due to the publication of API data on the growth of oil reserves. Currently, Brent is down by 0.55%, WTI down by 0.70%. According to the API report, oil reserves in the country grew by 4.7 million barrels in a week.

 

Today, the US Department of Energy will publish a weekly stockpile report. Experts predict a decrease in reserves of 1.3 million barrels. API data indicates that actual data will be worse than forecasted. Locally, oil may be under pressure and continue to move as part of a downward correction.

 

The market also continues to follow the news of trade negotiations between the US and China. The parties have not announced a preliminary agreement. The date of the official signing of this document, as well as further plans of the parties to form the previously announced comprehensive agreement, remain unknown.

 

Regarding the chart, there was a breakdown of resistance at the level of 60.00. Now the bulls are trying to consolidate above this mark. If they succeed, the next targeted price will be 62.05. Otherwise, we are expecting a recovery towards 59.10.

 

  • Resistance levels: 62.05 64.00, 65.00;

 

  • Support levels: 60.0, 59.10, 57.65.

 

The main scenario - a breakdown of support at 60.00 and a decrease towards 59.10.

 

An alternative scenario - a consolidation above 60.00 and further growth towards 62.05.

 

The fundamental outlook is moderately negative. According to the chart, bearish signals prevail locally. We consider shorts from the level of 60.30.

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