WTI turns negative below $66.00 ahead of API

• Crude oil prices give away initial gains and return below the $66.00 mark.
• WTI faded yesterday’s spike to fresh 2-month tops near $66.40.
• US Consumer Confidence next of relevance later in the NA session.

Prices of the barrel of the American benchmark for the sweet light crude oil have now returned to the negative territory in the $65.30 region, retracing the earlier spike to the area above the $66.00 mark per barrel.

WTI now looks to data

Prices of the West Texas Intermediate have managed to advance to fresh tops above the $66.00 mark per barrel, although the bullish move appears to have run out of steam soon afterwards.

Therefore, crude oil is now extending the weekly leg lower after failing to sustain Monday’s uptick beyond $66.40 amidst favourable sentiment from the risk-associated universe.

Further news around crude oil cited news agency Reuters noting Saudi Arabia’s Prince Crown advocating for a long-term (10, 20 years) cooperation between OPEC, Russia and other non-OPEC producer aiming to keep the market balanced.

Later in the NA session, the API will publish its weekly report on US crude oil stockpiles ahead of tomorrow’s official report by the DoE.

WTI significant levels

At the moment the barrel of WTI is losing 0.02% at $65.35 facing immediate contention at $64.03 (low Mar.22) followed by $63.67 (10-day sma) and finally $60.03 (low Mar.8). On the other hand, a breakout of $66.38 (high Mar.26) would open the door to $66.72 (2018 high Jan.25) and then $77.95 (high Nov.21 2014).