After a day of active sales, oil futures are trading in the green zone while trying to recover. Yesterday’s decline was caused by the negative report on the US construction sector and growing concerns over the continued eurozone crisis.
On New York Mercantile Exchange, the WTI oil futures for November delivery strengthened by 0,37% up to $90,31/b. At the same time the Brent futures appreciated $19,94 up to $110,25/b on ICE Futures Exchange.
Last week, the US production of crude oil increased up to 6,509 barrels a day, which is the highest level since 1997.
The chart below, courtesy of , reflects the current state of affairs in the market of WTI:
After the recovery is over, we will probably see the price going for another bearish move to break below 89. The critical level of resistance for the bearish scenario is 93,20-93,80.
