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  • Crude oil prices extend the decline to $65.70 on Monday.
  • OPEC, Russia higher output weighs on crude oil prices.
  • API, EIA, US oil rig count next of relevance later in the week.

Prices of the barrel of the American benchmark for the sweet light crude oil are prolonging the downside at the beginning of the week, hovering over the $66.70 area after testing $65.70 in early trade.

WTI supported around $65.70

Prices of the barrel of the West Texas Intermediate are dropping for the fifth session in a row so far today, as traders continue to gauge the possibility that the OPEC and Russia could start raising their production as soon as in June.

Fears of supply disruptions in Iran and Venezuela have prompted OPEC and Russian officials to announce the likelihood of pumping extra oil from next month.

Also weighing on crude oil, driller Baker Hughes reported on Friday that US oil rig count went up by 15 oil rigs during last week.

Later in the week, the usual weekly report on US crude oil stockpiles by the API and the EIA is due on Wednesday and Thursday, respectively.

WTI significant levels

At the moment the barrel of WTI is losing 1.32% at $66.53 facing the next down barrier at $65.73 (low May 28) seconded by $65.56 (low Apr.17) and finally $65.16 (100-day sma). On the flip side, a breakout of   $70.14 (21-day sma) would aim for $70.63 (10-day sma) and then $72.80 (2018 high May 22).