WTI flat around $66.00 ahead of API

• Prices of the WTI are down smalls around the $66.00 handle.
• Upside momentum failed near the $66.60 level.
• Next of relevance will be the API, EIA weekly reports.

Prices of the barrel of the American benchmark for the sweet light crude oil has faded the initial strength and are now testing the $66.00 neighbourhood ahead of usual weekly data.

WTI extends the sideline theme

Prices of the barrel of the West Texas Intermediate are prolonging the multi-day sideline theme around current levels, as traders remain vigilant on headlines regarding the likeliness that the OPEC+ could boost its output in the next months.

WTI also derived some support earlier in the day following the positive outcome from the meeting between President Trump and NK’s Kim Jong-un, where both leaders agreed to a complete denuclearization.

Later in the NA session, the weekly report on US oil supplies by the American Petroleum Institute will grab attention ahead of tomorrow’s FOMC meeting and the weekly report on US stockpiles by the DoE.

WTI significant levels

At the moment the barrel of WTI is up 0.35% at $66.27 facing the next hurdle at $66.56 (high Jun.12) followed by $67.62 (55-day sma) and then $68.55 (high May 30). On the other hand, a breach of $64.19 (low Jun.5) would aim for $61.77 (low Apr.6) and finally $60.03 (monthly low Mar.8).