- Prices of the WTI alternate gains with losses within a narrow range.
- Concerns over potential output increase by OPEC+ weigh on traders.
- US oil rig count next of relevance later in the day.
Prices of the barrel of the West Texas Intermediate are navigating within a tight range at the end of the week, hovering over the $66.00 handle ahead of US data.
WTI looks to data
After two consecutive daily pullbacks, prices of the barrel of the American benchmark for the sweet light crude oil are now under some pressure as concerns over the likeliness that the OPEC+ could increase its oil output keep weighing on traders’ sentiment. In this regard, Russian and Saudi officials agreed earlier in the day that production should increase.
The initial positive mood around WTI has been sustained by the latest report by the EIA noting an important decrease in US crude oil supplies, although the optimism quickly fizzled out.
Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count, while investors have already shifted their focus to the cartel’s meeting in Vienna later in the month.
WTI significant levels
At the moment the barrel of WTI is down 0.78% at $66.49 and a breach of $64.19 (low Jun.5) would aim for $61.77 (low Apr.6) and finally $60.03 (monthly low Mar.8). On the flip side, the next hurdle aligns at $67.06 (high Jun.15) followed by $67.59 (21-day sma) and then $68.55 (high May 30).
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