WTI stays firm above $66.00, near 3-year highs

• WTI advanced to fresh 3-year tops in early trade.
• EIA said crude supplies fell by more than 1 million bpd.
• Generalized optimism props up prices.

The price of the barrel of West Texas Intermediate is extending its upside momentum today, managing to remain above the key $66.00 mark, up around 1% for the day.

WTI up on positive sentiment, EIA

Prices of the barrel of the American benchmark for the sweet light crude oil are advancing since Monday and keep the trade just below earlier 3-year peaks in the $66.40 region.

WTI has posted gains in six out the last seven weeks and has already advanced almost 58% since 2017 lows in the $42.00 neighbourhood seen in June.

A broad-based optimism on the rebalancing of the oil market since the implementation of the output cut deal has been underpinning the sharp recovery in prices pari passu with a generalized depreciation of the greenback and an almost permanent decline in US crude oil supplies, as per weekly reports by the EIA.

Ahead in the week, the only release of note will be the usual report on US oil rig count by driller Baker Hughes on Friday.

WTI significant levels

At the moment the barrel of WTI is up 1.02% at $66.28 and a break above $66.42 (2018 high Jan.25) would aim for $69.66 (high Dec.1 2014) and then $77.95 (high Nov.21 2014). On the other hand, the immediate support is located at $64.51 (10-day sma) seconded by $62.99 (21-day sma) and finally $62.84 (low Jan.19).