Current trend

During the Asian session, WTI Crude Oil quotes form an upward wave at 80.69, leaving the channel of 78.00–71.00.

Investors assess the impact on the oil market of the decision of the G7 representatives to tighten measures to comply with the high price level for Russian fuel, which Bloomberg reports, citing its sources. Earlier, experts from the International Energy Agency (IEA) noted that oil production in Russia will be stable until 2030, despite the current restrictions. Last year, it reached an average of 10.96M barrels per day, and in 2024 it may reach 10.7M barrels per day. Overall, analysts believe that by 2030, supply will reach 114.0M barrels per day, exceeding the expected demand by 8.0M barrels per day. It will not allow OPEC to regulate oil prices fully. India, where the number of cars is actively increasing, and China, which is building new petrochemical plants, will provide oil demand. In 2029, it will stabilize around 105.6M barrels per day, and in 2030, it will decrease against the development of green energy.

Locally, strategic oil reserves are growing. According to the American Petroleum Institute (API) report, the indicator adjusted from –2.428M barrels to 2.264M barrels. On Thursday at 17:00 (GMT 2), the Energy Information Administration of the US Department of Energy (EIA) will publish the corresponding data. A decrease from 3.730M barrels will support oil quotes.

Support and resistance

On the daily chart, the trading instrument left the downward channel of 78.00–71.00, forming a new growth wave.

Technical indicators hold the buy signal: fast EMA on the Alligator indicator are above the signal line, expanding the range of fluctuations, and the AO histogram forms ascending bars above the transition level.

Resistance levels: 81.30, 84.70.

Support levels: 79.90, 76.30.

Trading tips

Long positions may be opened after the price rises and consolidates above 81.30, with the target at 84.70. Stop loss – 79.00. Implementation period: 7 days or more.

Short positions may be opened after the price declines and consolidates below 79.90, with the target at 76.30. Stop loss is 81.00.