Finds support from lower US inventories, OPEC disagreement on output hike. Libyan supply disruption also underpins the black gold. Awaits fresh impetus from the EIA crude stockpiles data ahead of Friday’s OPEC meeting. WTI (oil futures on NYMEX) is seen gaining recovery momentum last hour, but the bulls seek to the take-out the key $ 65.50 barrier convincingly for further upside. The renewed uptick in oil prices can be mainly attributed to the division amongst the OPEC and non-OPEC producers on the output policy, with Saudi and Russia looking committed to ramping up production while Iran, Oman, Venezuela and Nigeria among others remain uncertain about their support for an output hike. More so, waning concerns over the US-China trade dispute combined with a drawdown in the US crude inventories continue to lend support the barrel of WTI. The latest data from the American Petroleum Institute (API) showed the US crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15. Further, the loss of storage capacity in Libya also helps keep the sentiment buoyed around the black gold. Traders said a drop in Libyan supplies is due to the collapse of an estimated 400,000-barrel storage tank, as cited by Reuters. The focus now remains on the US Government official crude stockpiles data due to be published by the Energy Information Administration (EIA) later on Wednesday for fresh momentum on the prices. However, the main event risk this week remains Friday’s meeting between the OPEC and its allies in Vienna on the output policy. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US: Focus on Fed Chair Powell – TDS FX Street 5 years Finds support from lower US inventories, OPEC disagreement on output hike. Libyan supply disruption also underpins the black gold. Awaits fresh impetus from the EIA crude stockpiles data ahead of Friday's OPEC meeting. WTI (oil futures on NYMEX) is seen gaining recovery momentum last hour, but the bulls seek to the take-out the key $ 65.50 barrier convincingly for further upside. The renewed uptick in oil prices can be mainly attributed to the division amongst the OPEC and non-OPEC producers on the output policy, with Saudi and Russia looking committed to ramping up production while Iran, Oman, Venezuela and Nigeria… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.