WTI regains $65.00 and above

• Prices for the WTI are adding to yesterday’s gains above $65.00.
• WTI supported around $63.80.

Prices of the barrel of the West Texas Intermediate have regained the $65.00 mark and above on Thursday and are now navigating fresh 3-day peaks at the same time.

WTI found support around $63.80.

WTI reverted yesterday’s unexpected build in US crude oil supplies, as per the latest EIA’s weekly report, following a solid demand for gasoline and distillates. The EIA’s report also showed US oil production climbed to nearly 9.20 mbpd during last week.

In addition, prices stay supported after a Reuters survey showed compliance with the ongoing OPEC output cut deal improved to 138% during December.

Later in the week, the US oil rig count by driller Baker Hughes is due tomorrow.

WTI significant levels

At the moment the barrel of WTI is up 1.07% at $65.42 and a break above $66.42 (2018 high Jan.25) would expose $69.66 (high Dec.1 2014) and then $70.00 (psychological mark). On the other hand, the next support is at $64.09 (21-day sma) followed by $63.74 (low Jan.30) and finally $62.84 (low Jan.19).