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  • Stuck in extremely narrow range above the $ 65.50 mark amid mixed sentiment.
  • Awaits the US drilling report for the next direction.

WTI (oil futures on NYMEX) extends its side trend in to the European session, lacking direction in absence of fresh news, as the focus shifts towards the US drilling sector activity report due later today at 1700 GMT.

WTI: Looks to regain $ 66 handle

The barrel of WTI is trading listless so far tis Thursday, as markets refrain from placing any directional bets on the commodity amid renewed US-China trade talks induced optimism on one hand while rising US output and storage levels continue to undermine the sentiment.

The latest EIA weekly report showed that the US crude output rose by 100,000 barrels per day (bpd) in the week ending August 10, to 10.9 million bpd while the US crude inventory levels climbed by 6.8 million barrels, to 414.19 million barrels.

Further, oil traders also remain wary amid dwindling global economic growth prospects, keeping any upside attempts in the black gold short-lived.

All eyes now remain on the weekly US drilling report due to be published later on Friday by energy services firm Baker Hughes.

WTI Technical Levels

The Swissquote Bank Research Team noted: “Long positions above 64.80 with targets at 65.70 & 66.00 in extension. Below 64.80 look for further downside with 64.45 & 64.00 as targets. The RSI is mixed to bullish.”