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  • Prices of the black gold extend losses to the $67.00 mark.
  • API reported late on Wednesday a build of 1 mbpd.
  • Next on tap, the EIA will report on US crude oil stockpiles.

Prices of the barrel of the American benchmark for the sweet light crude oil are trading on the defensive and are threatening the $67.00 handle ahead of the EIA report.

WTI looks to EIA report

Prices of the West Texas Intermediate advanced on Wednesday following rumours that the OPEC will finally leave the oil output status quo unchanged until year end, in contrast to recent news stating the cartel plus other producers could start pumping extra oil from June.

Also weighing on traders’ sentiment, the US drilling activity kept advancing during last week, while US output remains in all-time highs.

Later in the day, the official report on US crude oil supplies by the EIA is due, seconded by the weekly report on US oil rig count by driller Baker Hughes on Friday.

WTI significant levels

At the moment the barrel of WTI is down 1.44% at $67.09 and a breach of $65.73 (low May 28) would aim for $65.30 (100-day sma) and finally $61.77 (low Apr.6). On the other hand, the next up barrier is located at $69.46 (10-day sma) seconded by $70.08 (21-day sma) and then $72.80 (2018 high May 22).