WTI turns positive near $67.00

• Prices of the WTI manage to rebound from lows and retest $67.00.
• Support emerges at yesterday’s multi-week low in the $65.70 area.
• Ahead in the week aligns the API and EIA reports followed by rig count.

Prices of the barrel of the American benchmark for the sweet light crude oil met some buyers today and are now hovering over the $67.00 mark, turning positive for the day.

WTI cautious on OPEC/Russia potential output raise

Prices of the West Texas Intermediate are alternating gains with losses today in a broad cautious scenario, as traders remain wary of the potential increment in oil production from OPEC producer and Russia, all amidst fears of supply disruptions in Iran and Venezuela. Any decision regarding boosting oil production could come as soon as the next cartel meeting on June 22.

Also weighing down on crude oil prices, US active oil rigs rose by 15 during last week as per the latest report by driller Baker Hughes, while US crude oil supplies rose more than expected according to Wednesday’s EIA report.

Looking ahead, the weekly reports on crude oil supplies by the API and the EIA are due tomorrow and Thursday, respectively ahead of the report on US drilling activity on Friday.

WTI significant levels

At the moment the barrel of WTI is up 0.62% at $66.84 facing the next up barrier at $70.08 (21-day sma) seconded by $70.26 (10-day sma) and then $72.80 (2018 high May 22). On the other hand, a breach of $65.73 (low May 28) would aim for $65.21 (100-day sma) and finally $61.77 (low Apr.6).