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Oil prices decline amid easing tensions in the Middle East

On Thursday, the oil market is trying to recover after more than a 

5% decline. The drop in oil prices was due to the easing of tension between Washington and Tehran after President Trump announced that the United States would not respond to the Iranian missile strike. Instead of a military escalation of the conflict, the White House chose to impose new sanctions against the Islamic Republic.

 

Another factor of pressure on oil prices was the weekly report of the US Department of Energy, according to which during the reporting week the level of oil reserves increased by 1.2 million barrels. Experts expected a decrease of 3.6 million barrels. Gasoline inventories rose by 9.1 million barrels, with a forecast of + 2.7 million barrels, while distillate inventories increased by 5.3 million barrels, with a forecast of +3.9 million

 

A negative news background locally prevails on the market, therefore, within the daily framework, we expect a further decline in oil prices.

 

The correctional wave stopped locally at the level of 59.10, but the initiative is still on the side of the sellers, so today the further reduction towards the level of 57.80 remains a priority.

 

  • Resistance levels: 60.00 62.05, 63.20;

 

  • Support levels: 59.10, 57.80, 56.70.

 

The main scenario - a decline towards the level of 57.80.

 

An alternative scenario - a breakdown of resistance at the level of 60.00 and an increase in the direction of 62.05.

 

The fundamental outlook is negative. We consider shorts from the level of 60.00.

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