- Prices of the WTI struggle around the $66.00 mark.
- Crude oil trades closer to monthly highs near $67.00.
- Traders remain vigilant on the US-Iran news front.
Prices of the WTI extend the consolidative mood in the upper bound of the weekly range just above the $66.00 mark per barrel.
WTI looks to US-Iran, oil demand
The barrel of West Texas Intermediate keeps the cautious note unchanged and closely follow news regarding the US-Iran talks that could revive the nuclear agreement. A positive outcome for Iran should pump into the market an extra 1 mbpd.
In fact, further consolidation in prices should remain well in place ahead of the key OPEC+ meeting on June 1.
In the meantime, prospects of higher demand remain propped up by the optimism surrounding the economic recovery in the Old Continent and the faster pace of the vaccination campaign.
Crude oil prices met some support earlier in the week after the EIA reported a drop of more than 1.6 million barrels during last week. In the same line, the API also reported of a nearly 0.5 million barrels drop from a week earlier late on Tuesday.
WTI significant levels
At the moment the barrel of WTI is losing 0.06% at $66.14 and a breach of $62.64 (50-day SMA) would aim for $61.58 (monthly low May 21) and then $60.38 (100-day SMA). On the upside, the next hurdle is located at $66.99 (monthly high May 18) followed by $67.94 (2021 high Mar.8) and finally $69.80 (200-month SMA).
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