Oil is cycling near Thursday's close, WTI testing $66.70 ahead of OPEC meeting
|- Oil traders are awaiting results of an upcoming OPEC meeting where production limit increases are due to be discussed.
- US oil rig counts later Friday will give WTI some moves if there's a big shift in the number of rigs pumping.
Crude oil is sticking in place for Friday ahead of a critical OPEC meeting slated for June 22nd and 23rd.
The OPEC is getting together with non-OPEC Russia at the end of the month to make a decision about upping production limits; OPEC decided to begin cutting 1.8 million bpd from global production in answer to a surge in supply from US crude producers, and with oil prices having reached into multi-year highs lately, OPEC is now set to begin loosening their grip on production and oil markets are bracing for possible negative effects.
Coming up for Friday is US Rig Counts at 17:00 GMT, and the Baker Hughes Count last came in at 862. US oil production has been steadily grinding higher as of late, and the only thing keeping prices from collapsing is crude traders' faith that rising demand will continue to eat away at excess surplus.
WTI levels to watch
Crude oil is managing to continue pushing upwards from a technical bottom last week around 64.60, and managed to claim a fresh two-week high of 67.00. With the week's low providing support from 64.80, bulls will be looking to reclaim the last swing high at 68.50.
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