During the yesterday trading session the oil price lowered to the level of the 6 week minimum, being pressed by the maintaining of the oversupplied recourses and the doubts in the OPEC capacity to imply the oil limitation agreement.
The USA EIA report showed the growth of the daily oil production by 0.13% (by 12K barrel per day), which reached the level of 9.330 million barrel, the gas resources grew by 2.1 million barrel to 24 2.4 million barrel.
The commercial oil resourced lowered by 1.7 million barrel to 511.5 million barrel. The analysts expected the lowering by 2.739 million, so the data disappointed the market participants.
In addition the prices were pressed by the IEA report, which shower the growth of the OPEC oil production by 290K barrel per day in May, which the maximum of 2017.
The publication makes the investors to doubt if the OPEC and exporting countries oil limitation agreement is efficient.
The price is moving within the downward channel. On the daily chart the instrument met quite strong support level of 44.40. MACD is below the zero and signal line, Stochastic is pointed downwards. The indicators give a sell signal.
Resistance levels: 45.50, 46.50, 47.50, 48.25.
Support levels: 44.40, 43.00, 42.00.
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