WTI between a range of $42.00-$44.50 key levels
|WTI has below the $43 handle after climbing back from $41.83 lows to $43.27 the recent high in a minor recovery that has lost momentum against the broader bear trend.
Oil was buoyed a second weekly decline in U.S. crude supplies but the overwhelming supply and broader bearish tone on lingering worries about strong domestic production growth keeps a lid on the black gold.
The Energy Information Administration showed a weekly climb in U.S. crude production, feeding concerns that efforts by other major producers to cut down global supplies down to a five-year average will fail. We now await the weekly U.S. oil rig count as the next catalyst this week. A break below $42 or above $44.50 would be significant. Rising production from the U.S., Libya, and Nigeria, as well as stubbornly high stockpiles worldwide are continuing to undermine OPEC's efforts and the bis is with the downside.
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