WTI sidelined near $67.00 ahead of API

• Prices of the WTI extend the rangebound theme near the $67.00 mark.
• Some decent support appears to have emerged in the $66.80 region.
• Next on tap will be the API report seconded by the DoE report tomorrow.

Prices of the barrel of the West Texas Intermediate are navigating within a narrow range today, currently gyrating around the $67.00 mark ahead of the API weekly report on US supplies.

WTI looks to API

Prices of the WTI are posting some gains for the first time after six consecutive daily pullbacks, finding some consolidation in the lower bound of the recent range near the $67.00 handle.

The softer tone in the greenback is also collaborating with today’s better mood around the USD-denominated assets. However, the likeliness that the OPEC and Russia could boost their oil production next month adds to the cautious sentiment among traders and cap any occasional bullish attempt.

Adding to the ongoing cautiousness, driller Baker Hughes reported another increase in US oil rig counts during last week, taking active oil rigs to 859 and at the same time fuelling the prospects of higher US oil production in the next months.

Later in the day, the American Petroleum Institute (API) will publish its weekly report on US crude oil supplies ahead of tomorrow’s official DoE’s report.

WTI significant levels

At the moment the barrel of WTI is up 0.52% at $67.17 facing the next up barrier at $69.81 (10-day sma) seconded by $70.06 (21-day sma) and then $72.80 (2018 high May 22). On the other hand, a breach of $65.73 (low May 28) would aim for $65.25 (100-day sma) and finally $61.77 (low Apr.6).