WTI flirting with 2018 highs beyond $67.00

• Crude oil prices extend the upside beyond the $67.00 mark.
• Positive comments from the IEA boosted crude prices.
• US oil rig count by Baker Hughes next on tap.

Prices of the West Texas Intermediate are prolonging the weekly rally to levels further north of the $67.00 mark per barrel, trading at shouting distance from multi-year tops.

WTI up on IEA, looks to BH

Prices of the barrel of the American reference for the sweet light crude oil are advancing uninterruptedly since Monday, up more than 9% since last week’s lows around $61.80.

The upbeat tone in crude oil found extra footing today after the IEA said the supply glut continued to dissipate, adding to the already bullish sentiment among traders.

Despite geopolitical concerns appears somewhat mitigated, the better sentiment in the risk-associated space continued to lend support to crude oil.

Later in the session, driller Baker Hughes will publish its weekly report on US oil rig count.

WTI significant levels

At the moment the barrel of WTI is up 0.27% at $67.30 and a breakout of $67.72 (2018 high Apr.13) would aim for $69.66 (monthly high Dec.2014) and finally $70.00 (psychological level). On the flip side, the next support emerges at $64.50 (10-day sma) seconded by $64.26 (21-day sma) and finally $61.77 (low Apr.6).