Current dynamics

During the morning session, WTI Crude Oil prices demonstrated mixed dynamics, holding close to the 69.00 mark and local maximums from November 11, updated the day before, remaining under pressure from reports of a possible reduction in hydrocarbon supply. Thus, the Norwegian company Equinor ASA reported production restrictions at the largest Johan Sverdrup field in Western Europe due to a power outage, and the American company Chevron announced a reduction in production at the Kazakh Tengiz field due to ongoing repair work.

Meanwhile, China's economy continues to struggle, and the authorities have only managed to slow down the negative trend, but not change it: experts from the International Energy Agency (IEA) warn that next year the supply and demand balance surplus could be more than 1.0 million barrels per day, but much will depend on the further policy of OPEC to restore previous volumes of energy production.

The American Petroleum Institute (API) report published the day before put additional pressure on the asset: for the week ending November 15, commercial fuel stocks increased from -0.777 million barrels to 4.753 million barrels, compared to forecasts of 0.8 million barrels. Today at 17:30 (GMT 2), data from the Energy Information Administration of the US Department of Energy (EIA) will be presented: according to preliminary estimates, the positive dynamics will slow down from 2.089 million barrels to 0.800 million barrels.

Support and resistance levels

On the daily chart, Bollinger Bands are trying to turn into a horizontal plane: the price range is practically unchanged, indicating a balance of forces in the short term. The MACD indicator is growing, maintaining a weak buy signal (the histogram is above the signal line). Stochastic is located near the maximum values and reflects the risks of the trading instrument being overbought in the ultra-short term.

Resistance levels: 70.00, 71.00, 71.60, 72.17.

Support levels: 69.06, 68.15, 67.00, 66.00.

Trading scenarios

Short positions can be opened after the breakout of the 69.06 level downwards with the target of 68.00. Stop loss is 69.50. Implementation period: 1–2 days.

Long positions can be opened after a rebound from the level of 69.06 and a breakout of the level of 70.00 upwards with a target of 71.00. Stop loss is 69.50.