WTI slips back to $62.50 ahead of API

• Crude oil prices faded the advance beyond the $63.00 mark on Tuesday.
• Softer USD and risk-on trade bolstering the up move.
• WTI now looks to the API report on US crude stockpiles.

Prices of the barrel of the WTI are looking to extend the weekly upside momentum on Tuesday, managing to clinch daily tops above the $63.00 mark albeit losing some traction afterwards.

WTI attention to API

Prices of the barrel of the American benchmark for the sweet light crude oil are struggling after two sessions of daily gains during the first half of the week, prolonging the bounce off Friday’s lows in the proximity of the psychological support at the $60.00 mark.

The renewed selling bias surrounding the buck is also helping WTI to consolidate the weekly correction higher, although it remains trapped within a consolidative theme against the backdrop of increasing US crude oil production and the OPEC efforts to rebalance the markets.

Looking ahead, WTI will stay vigilant on today’s weekly report on US crude oil supplies by the API followed by Wednesday’s EIA report and Friday’s US oil rig count by Baker Hughes.

WTI significant levels

At the moment the barrel of WTI is losing 0.22% at $62.52 and a break below $61.72 (21-day sma) would aim for $60.20 (low Mar.2) and finally $58.10 (2018 low Feb.9). On the flip side, the next up barrier emerges at $62.90 (high Mar.6) seconded by $64.30 (high Feb.26) and then $66.72 (2018 high Jan.25).