Search ForexCrunch
  • The barrel of WTI trades on the defensive just above $65.00.
  • Cautious tone prevails ahead of the key OPEC meeting tomorrow.
  • Next on tap will be the US oil rig count by Baker Hughes on Friday.

Prices of the barrel of the American reference for the sweet light crude oil are reverting yesterday’s gains and has dropped to the mid-$64.00s, where seem to have found some decent contention.

WTI cautious ahead of OPEC

The barrel of the West Texas Intermediate is prolonging the sideline theme so far this week, as market participants remain cautious ahead of the critical OPEC meeting in Vienna on Friday.

WTI stays negative today in response to earlier comments by Saudi and Iranian oil ministers, both favouring a modest supply hike to be decided tomorrow at the cartel’s meeting.

Regarding the likelihood of an output boost at the cartel’s meeting tomorrow, it is worth mentioning that recent news speaks of ranges from 300K bpd to as much as 1.5 mbpd.

On Friday as well driller Baker Hughes will publish its weekly report on US oil rig count.

WTI significant levels

At the moment the barrel of WTI is losing 0.02% at $65.47 with the next support at $63.59 (low Jun.18) seconded by $61.77 (low Apr.6) and finally $60.03 (monthly low Mar.8). On the other hand, a breakout of $66.26 (21-day sma) would aim for $67.14 (high Jun.14) and then $67.84 (55-day sma).