WTI Crude Oil: quotes resumed growing

Current trend

WTI crude oil quotes are increasing today, developing the "bullish" signal formed on Wednesday. The instrument is supported by the preliminary results of the OPEC+ meeting, where the ministers continued to discuss the policy of maintaining supply restrictions. In particular, Saudi Arabia is unilaterally considering the possibility of reducing production by an additional 1M barrels per day at least until April.

In turn, the pressure on the quotes was exerted by the report of the US Department of Energy, which reflected a record increase in oil reserves by more than 21M barrels. At the same time, the published data indicated an equally sharp drop in gasoline inventories, which analysts associate with the recent frost in Texas, which virtually paralyzed oil production in the state.

Today, investors focus (in addition to the February report on the US labor market) on Baker Hughes US Oil Rig Count data. The previous report reflected an increase in the number of drilling rigs from 305 to 309 units.

Support and resistance

Bollinger Bands in D1 chart show moderate growth. The price range is expanding, but fails to keep up with a surge of "bullish" sentiment. MACD has reversed to growth having formed a new buy signal (located above the signal line). Stochastic is showing similar dynamics; however, the indicator line is already approaching its highs, indicating the risks of overbought instrument in the ultra-short term.

Resistance levels: 64.79, 65.74, 67.00.

Support levels: 64.00, 63.00, 62.18, 60.50.


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