WTI flirting with daily highs near $64.70, API eyed

Prices of the WTI add to Monday’s gains above the $64.00 mark.
Diminished jitters on US-China trade war sustain the upside in oil.
API’s weekly report on US stockpiles next on tap.

Pablo Piovano FXStreet

Prices of the barrel of the American benchmark for the sweet light crude oil are extending the weekly up move and are approaching the critical $65.00 mark.

WTI looks to API

Prices of the West Texas Intermediate are adding to Monday’s up move today, managing to advance to the proximity of the $65.00 mark following shrinking nervousness around the potential for a trade war between US and China, in particular after recent optimistic comments by President Trump and Chinese President Xi Jinping.

Further out, the likeliness of US sanctions against major oil producers has been also lending extra oxygen to the recovery in crude oil prices from recent lows in the $61.80/75 band. In the same line, geopolitical effervescence remains almost omnipresent, this time involving Syria, the US, Russia and the UK.

Later in the session, the API will publish its weekly report on US supplies ahead of tomorrow’s EIA report and Friday’s US oil rig count.

WTI significant levels

At the moment the barrel of WTI is up 2.32% at $64.72 and a breakout of $65.36 (high Apr.2) would aim for $66.38 (high Mar.26) and finally $66.72 (high Jan.25). On the flip side, the next support emerges at $63.73 (10-day sma) seconded by $63.37 (21-day sma) and finally $61.77 (low Apr.6).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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