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  • Prices of crude oil extend the upside to the vicinity of the $75.00 handle.
  • Potential supply disruptions cited behind the current up move.
  • The weekly report on US crude oil supplies by the API is due next.

Prices of the barrel of the West Texas Intermediate are extending the positive momentum during the first half of the week and are now trading at shouting distance from the critical $75.00 mark.

WTI looks to Norway, API

Prices of the barrel of the black gold are edging higher today as traders continue to adjust to the potential supply disruptions stemming from the imminent strike of oil workers in Norway following the rejection of a deal involving wages.

Those concerns add to the ongoing output crisis in Venezuela and fell in line with news citing Libyan oil production more than halved from February tops around 1.28 mbpd, while Iranian production remains under pressure amidst US sanctions.

Later in the session, the API will publish its report on US crude oil stockpiles ahead of tomorrow’s report by the EIA and Friday’s oil rig count.

WTI significant levels

At the moment the barrel of WTI is up 0.54% at $74.47 facing the next hurdle at $75.34 (2018 high Jul.4) seconded by $77.95 (high Nov.21 2014) and then $79.92 (high Nov.8 2014). On the flip side, a breakdown of $73.82 (10-day sma) would expose $72.62 (low Jul.6) and finally $70.11 (21-day sma).