WTI remains below $65.00 ahead of API

• WTI stays offered in sub-$65.00 area.
• USD-weakness fails to give support.
• API, EIA next on tap.

Prices for the barrel of the American benchmark for the sweet light crude oil are extending the weekly drop to sub-65.00 levels, or 1% for the day.

WTI now looks to API, EIA

Prices of the WTI are declining for the second session in a row today, as the prevailing optimism among investors on the rebalancing of the oil market appears somewhat eclipsed by the recent data showing rising US oil production.

Also weighing on prices, driller Baker Hughes reported the largest weekly increase in US oil rig count last Friday (+12 to 759 active oil rigs).

Looking ahead, the American Petroleum Institute (API) will publish its weekly report on US crude oil supplies, all ahead of tomorrow’s official report by the EIA.

WTI significant levels

At the moment the barrel of WTI is down 0.98% at $64.92 facing the next support at $64.67 (low Jan.30) seconded by $63.76 (21-day sma) and finally $62.84 (low Jan.19). On the upside, a break above $66.42 (2018 high Jan.25) would aim for $69.66 (high Dec.1 2014) and then $77.95 (high Nov.21 2014).