Current trend

The price of North American WTI Crude Oil is correcting in a lateral trend around 79.35.

Quotations of "black gold" on world markets continue to rise, which is facilitated by both measures to reduce production by OPEC countries and the increasing integration of Russian Urals oil into the share of world supplies. For the first time since the introduction of a price limit of 60.0 dollars per barrel for oil from the Russian Federation by Western countries, the cost of Urals exceeded 65.0 dollars per barrel. Russia is increasing oil exports to Asian and African countries: in the first five months of 2023, the supply of Russian "black gold" to Africa more than tripled, amounting to a record 8.0 million tons.

Against this background, the levels of oil reserves are also stabilizing. Thus, according to the American Petroleum Institute (API), the volume of oil in US storage facilities increased by 1.319 million barrels, which is significantly higher than the reduction of 1.969 million barrels, which was predicted by analysts. In turn, the Energy Information Administration (EIA) of the US Department of Energy reported a reduction in inventories of only 0.600 million barrels after a decrease of 2.348 million barrels a week earlier. In addition, the volume of imports of "black gold" in the United States decreased by 1.584 million barrels after -0.376 million barrels a week earlier.

Support and resistance

On the daily chart, the price continues to try to leave the global channel with dynamic boundaries 62.00-77.00, holding above the resistance line.

Technical indicators continue rising, holding a steady buy signal: the fast EMAs on the Alligator indicator keep the fluctuation range directed upwards, and the AO histogram is forming new ascending bars, rising in the buying zone.

Support levels: 77.10, 72.40.

Resistance levels: 80.50, 86.00.

Trading tips

If the asset continues developing local corrective growth and the price consolidates above the local resistance level of 80.50, long positions will be relevant with target at 86.00. Stop-loss — 78.00. Implementation time: 7 days and more.

If the asset continues local decline and the price consolidates below the local support level at 77.10, short positions can be opened with the target at 72.40. Stop-loss — 79.00.