WTI trims gains and drops back below $69.00 ahead of API data

WTI (oil futures on NYMEX) peaked at $69.05 a barrel during the American session but then pulled back trimming gains. As of writing, the price was hovering around $68.50, up 0.78% for the day.  

Could API data boost WTI?

The move to the upside in crude oil was capped by the $69.00 area again and also after the greenback managed to post a modest recovery during the American session. Price is 1.5 dollars above the level it had a week ago, helped by the tensions between the US and Iran.  

For the next hours, attention is likely to focus on the weekly report from API (American Petroleum Institute) of crude oil stocks to be released in about an hour. On Wednesday, the EIA (Energy Information Administration) inventory change report is due.  

Levels to watch  

WTI continues to move with a modest bullish bias but on Tuesday made a lower high, suggesting some difficulties to the upside. A clear break above $69.00 is likely to clear the way to more gains. Resistance levels on top might be seen at $69.35 and $69.95. On the downside, supports could be located at $67.95, $67.60 (Jul 24 low) and $66.30 (last week low).