- Prices of the WTI are trading on the soft side in sub-$66.00 levels.
- Traders remain concerned over rising US oil output.
- Baker Hughes said US oil rigs went up by 2 last week.
Prices of the barrel of the American benchmark for the sweet light crude oil are struggling for direction on Monday, currently in the area below the $66.00 mark.
WTI looks to OPEC, US
The lack of a clear direction persists among crude oil traders today following two consecutive weeks with losses and already shedding more than 10% since multi-year tops near $73.00 seen earlier in the month.
WTI remains vulnerable as investors stays wary on increasing US crude oil production and the probability that the OPEC and other oil producers boost their production. An announcement on the latter is expected at the cartel’s meeting in late June.
Adding to ongoing jitters, driller Baker Hughes reported US active oil rigs went up by 2 during last week. Later in the week, the API and the EIA are expected to report on US crude oil supplies.
WTI significant levels
At the moment the barrel of WTI is up 0.09% at $65.77 facing the next hurdle at $67.49 (55-day sma) seconded by $68.20 (10-day sma) and then $68.55 (high May 30). On the downside, a breach of $65.23 (low Jun.4) would aim for $61.77 (low Apr.6) and finally $60.03 (monthly low Mar.8).
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