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WTI prices have surpassed the $61 level

The oil prices remain at the September highs due to the publication of positive industry statistics from the United States and the worsening situation in the Middle East.

 

On Friday evening, the US Department of Energy released data on oil reserves, according to which the level of reserves for the week fell by more than 5 million barrels, while experts expected a decrease of 1.7 million barrels.

 

Another important supporting factor for the market are the reports of US attacks on Hezbollah facilities in Syria and Iraq. This is a response to Hezbollah’s attacks on Iraqi military facilities, which killed four US military personnel. Investors anticipate worsening of US-Iran relations and increased tensions in the Middle East.

 

Bullish signals prevail on the chart. After the breakdown of the level of 60.00, the next target for the price movement was the level of 62.05. The goal has not yet been achieved, so in the near future we expect further development of the upward movement.

 

  • Resistance levels: 62.05 64.00, 65.00;

 

  • Support levels: 60.90, 60.00, 59.10.

 

The main scenario - an increase towards the level of 62.05.

 

An alternative scenario - a consolidation below 60.90 and a decline towards 60.00.

 

The fundamental outlook is positive. Within the daily framework, we consider longs from the level of 60.90.

 

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