WTI weaker, drops to $64.50 ahead of API

• Prices of crude oil extend the sell off to the mid-$64.00s.
• Stronger greenback, OPEC rumours weigh on crude prices.
• The weekly report on US inventories by the API coming in next.

Prices of the barrel of the West Texas Intermediate remain on the defensive on Tuesday, testing fresh lows in the mid-$64.00s ahead of key supply data.

WTI now looks to data

Prices of the barrel of the American benchmark for the sweet light crude oil are retreating for the fourth session in a row on Tuesday, while keeping the negative performance for the third consecutive week so far.

Pessimism around traders remain far from abated, as the likeliness that the OPEC and other producer countries could decide to boost the oil production at the cartel’s meeting at the end of June stays well and sound. These rumours have gathered extra steam today after the US is cited requesting some OPEC members to increase their output.

Later in the session, the American Petroleum Institute will publish its weekly report on US crude oil supplies during last week, ahead of the DoE’s official report on Wednesday and the US oil rig count by driller Baker Hughes.

WTI significant levels

At the moment the barrel of WTI is down 0.31% at $64.64 and a breach of $60.03 (monthly low Mar.8) would aim for $58.85 (55-day sma) and then $54.78 (low Nov.13 2017). On the flip side, the next hurdle is located at $65.98 (high Jun.5) seconded by $67.47 (10-day sma) and then $66.72 (high Jan.22).