- Prices of the WTI are inching higher on Thursday, above $65.00/bbl.
- WTI shrugs off yesterday’s unexpected build reported by the EIA.
- Rising US oil output keep weighing on traders’ sentiment.
Prices of the barrel of the West Texas Intermediate are recovering the smile on Thursday and have now regained the $65.00 mark and above, recording at the same time fresh daily highs.
WTI looks to Venezuela
Prices of the American reference for the sweet light crude oil managed to revert the initial negative tone and have now regained some buying interest, advancing to daily highs beyond the $65.00 mark per barrel.
Traders appear to have quickly left behind Wednesday’s unexpected build in US crude oil supplies reported by the EIA (+2 mbpd), instead shifting their focus to the persistent supply problems stemming from Venezuela.
It is worth mentioning that the EIA’s report also saw another increase in US crude oil output to around 10.8 mbpd during last week, which is considered as well another driver capping occasional bullish attempts.
Later in the week, driller Baker Hughes will publish its weekly report on US oil rig count (+2 prev.).
WTI significant levels
At the moment the barrel of WTI is up 1.09% at $65.67 facing the next resistance at $66.31 (10-day sma) seconded by $67.57 (55-day sma) and then $68.55 (high May.30). On the flip side, a breach of $64.19 (low Jun.5) would aim for $61.77 (low Apr.6) and finally $60.03 (monthly low Mar.8).
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