WTI tumbles to lows near $64.40 ahead of API

The barrel of WTI stays in the negative territory around $64.40.
Unease ahead of the upcoming OPEC+ meeting weighs on sentiment.
Next on tap the API will publish its weekly report on US crude oil supplies.

Pablo Piovano FXStreet

The barrel of the American benchmark for the sweet light crude oil remains on the defensive during the first half of the week, now testing lows in the $64.40 region ahead of the usual weekly report on US crude inventories.

WTI now looks to tariffs, data, OPEC

Prices of the WTI remain under further pressure today following the increasing effervescence in the US-China trade dispute, while jitters keep mounting ahead of the OPEC meeting on Friday.

In fact, President Trump announced he will pursuit further tariffs on US imports of Chinese products worth around $200 billion, while Chinese officials have already repeated they will respond with another round of tariffs on US products.

In addition, traders remain vigilant on news coming from the imminent OPEC meeting, where some members of the cartel plus Russia are expected to discuss a raise in the cartel’s output from 300K bpd to even 1.5 mbpd.

Later in the session, the American Petroleum Institute (API) will publish its weekly report on US crude oil supplies, ahead of the DoE’s report due tomorrow.

WTI significant levels

At the moment the barrel of WTI is down 2.02% at $64.50 and a breach of $63.59 (low Jun.18) would aim for $61.77 (low Apr.6) and finally $60.03 (monthly low Mar.8). On the upside, the next resistance emerges at $66.83 (21-day sma) seconded by $67.14 (high Jun.14) and then $68.55 (high May 30).

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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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