WTI flirting with daily highs, still below $68.00

  • Prices of the barrel of WTI advance around 1%.
  • WTI recovers ground lost after Wednesday’s sell off.
  • Driller Baker Hughes will report on US oil rig count tomorrow.

Prices of the barrel of the WTI are partially reverting yesterday’s sharp sell of and are now posting decent gains although still below the $68.00 mark.

WTI looks to US-Iran, China

Prices of the barrel of the American reference for the sweet light crude oil are managing to recover part of the deep pullback recorded on Wednesday after the EIA reported crude oil supplies dropped less than expected while gasoline inventories posted a large and unexpected build.

Crude oil has been deriving extra weakness as of late after Chinese data showed imports of crude oil continued to drop, raising doubts over the ability of prices to regain further ground.

In addition, and somewhat supporting prices, US sanctions against Iran (effective from November) have been raising some concerns over future supply disruptions.

Later in the week, driller Baker Hughes is expected to report on the US drilling activity during the week ended on August 3.

WTI significant levels

At the moment the barrel of WTI is up 0.49% at $67.64 facing the next down barrier at $66.89 (low Aug.8) followed by $64.41 (200-day SMA) and then $67.08 (low Jul.18). On the other hand, a breakout of $68.50 (100-day sma) could aim for $69.40 (high Jul.30) and finally $70.56 (high Jul.13).

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