WTI retreats from highs, back below $67.00

• Prices for the WTI are easing from recent 3-year peaks.
• USD solid performance weighing on crude oil.
• OPEC remains optimistic about rebalancing the market.

Prices of the West Texas Intermediate are retreating from recent tops above the $67.00 mark and are currently hovering over the $66.40 area per barrel.

WTI lower on stronger USD

Prices of the barrel of WTI are clinching daily losses today following a sharp rebound in the demand for the greenback in response to shrinking geopolitical concerns.

WTI is thus giving away part of the recent advance to fresh tops above the $67.00 mark per barrel seen yesterday - levels last seen in December 2014 – all on the back of a probable US military action in Syria and after Saudi air forces intercepted a rocket over Ryhad.

Further news regarding crude oil cites the OPEC now sees crude oil surplus dissipating in the near term despite rising US shale production.

WTI significant levels

At the moment the barrel of WTI is down 0.15% at $66.62 and a breakout of $67.36 (2018 high Apr.11) would aim for $69.66 (monthly high Dec.2014) and finally $70.00 (psychological level). On the flip side, the next support emerges at $64.22 (10-day sma) seconded by $63.94 (21-day sma) and finally $61.77 (low Apr.6).