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  • The barrel of WTI navigates a narrow range above the $70.00 mark.
  • Crude oil remained apathetic on Saudi Arabia news.
  • Driller Baker Hughes will publish its oil rig count on Friday.

The barrel of West Texas Intermediate is trading within a tight range in the second half of the week although it so far manages well to keep the trade above the critical $70.00 mark.

WTI rally halted above $70.00

Prices of the WTI are reverting two consecutive daily advances on Thursday, although a strong support emerged around the $70.00 neighbourhood.

WTI has practically posted no reaction to earlier news from Saudi Arabia, citing the country halted oil shipments through the Bab el-Mandeb strait after Wednesday’s attack by rebels.

It is worth recalling that the up move in WTI has been also sustained by the latest reports from both the API (Tuesday) and the EIA (Wednesday), highlighting that US crude oil supplies dropped more than initially estimated.

Moving forward, Baker Hughes will publish on Friday its weekly report on US drilling activity.

WTI significant levels

At the moment the barrel of WTI is up 0.14% at $70.56 facing the next up barrier at $71.50 (21-day sma) followed by $71.69 (high Jul.13) and then $72.80 (high May 22). On the other hand, a breach of $69.43 (10-day sma) would aim for $69.23 (200-hour sma) and then $67.08 (low Jul.18).