WTI: Crude oil erases losses, back to $66.50 ahead of API

  • Crude oil erases losses as USD losses momentum.
  • WTI barrel rebounded from  6-day lows. 

Crude oil prices rebounded during the American session and erased daily losses. The WTI bottomed earlier at $65.54 a barrel and then bounced back. Near the end of the session, it was hovering slightly above $66.50, around the same levels it closed yesterday ahead of key data. In about an hour, the American Petroleum Institute (API) will release the weekly crude oil inventory report. 

The recovery from the lows took place amid a retreat of the greenback. The US Dollar trimmed gains on US hours. US Dollar Index Futures peaked at 89.34 following the release of upbeat US economic data but then pulled back, finding support above 89.10. 

The move off lows could signal the end of the 3-day correction from multi-year highs. Lat Friday the barrel reached at $67.70 the highest since 2014. API data could boost crude oil prices back above $67.00 or favor more corrective moves. 

WTI Technical levels 

To the upside, resistance levels might be seen at $66.65 (Apr 13 low), $66.95 and $67.45. On the flip side, support could be seen at $66.10 (Apr 16 low), $65.10 (Apr 11 low) and $64.30. 

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