Oil prices rose on Tuesday after reports of unplanned stoppage of production at one of the North Sea terminals. Production should be restored within 2 days.
Today, the price of oil is still reaching highest value since March 8. Today’s upswing is due to investors’ expectation that weekly US fuel inventories will be worse than expected. The data will be available today at 16:30 and will cause significant volatility over a short period of time.
Brent Oil Price
After breaking resistance at 53.00, demand has opened a straight road towards key resistance at 57.50. Thus, the price of oil has returned to the consolidation it has been moving for 3 months from the beginning of December 2016 until the end of February 2017. The upper limit of consolidation is 57.50, while the lower limit is 53.00.
Crude Oil Price WTI
The situation is very similar to that on the Brent oil chart. After breaking the significant resistance of 50.00 and yesterday’s confirmation of strength of this level as a new Crude WTI support, the road to key resistance of 55.00 is opened.