WTI clings to gains around $75.00 ahead of API

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  • The barrel of WTI trades on the positive ground near $75.00.
  • Markets remain focused on Iran sanctions and Hurricane Michael.
  • The weekly report on US supplies by the API is due later in the NA session.

The barrel of the American reference for the sweet light crude oil is posting small gains on Wednesday and keeps gyrating around the key $75.00 mark.

WTI looks to data, geopolitics

Prices of the West Texas Intermediate are advancing for the second session in a row today, prolonging the bounce off lows in the $73.30 region seen at the beginning of the week.

In the meantime, occasional dips in crude oil prices appear to be shallow as US sanctions against Iran oil exports continue to support the sentiment around traders.

In addition, Hurricane Michael carries the potential to affect the US oil production, also collaborating with the better tone around crude oil on Wednesday.

Looking ahead, the American Petroleum Institute will publish its weekly report on US crude oil stockpiles later in the day.

WTI significant levels

At the moment the barrel of WTI is up 0.25% at $75.03 and a breakout of $77.12 (2018 high Oct.3) would aim for $77.95 (high Nov.21 2014) and finally $79.92 (high Nov.10 2014). On the flip side, the next down barrier emerges at $74.76 (10-day SMA) seconded by $73.27 (low Oct.8) and then $72.61 (21-day SMA).

 

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