WTI keeps the tight range near $64.00

• The barrel of WTI is advancing modestly amidst rising risk-on trade.
• WTI upside remains capped around the $64.00 mark per barrel.
• USD stays bid on easing US-China concerns and Kudlow comments.

Prices of the barrel of the West Texas Intermediate are navigating within a narrow range on Thursday, posting moderate gains in the $63.70 region.

WTI looks to risk trends

After advancing to fresh daily highs in the $64.00 neighbourhood, the barrel of WTI sparked a correction lower although moderate contention emerged in the $63.00 region for the time being.

A favourable atmosphere in the risk-associated universe continues to prop up the momentum around crude oil and the rest of the riskier assets. However, strong gains in the greenback threaten to undermine any serious bullish attempts in crude oil.

The negative undertone in crude oil remains unchanged this week despite yesterday’s drop in US crude oil inventories, as shown by the EIA report and a decrease in US active oil rigs last week, as reported by Baker Hughes last Friday.

WTI significant levels

At the moment the barrel of WTI is gaining 0.80% at $63.84 facing immediate up barrier at $64.39 (10-day sma) seconded by $65.36 (high Apr.2) and then $66.38 (high Mar.26). On the other hand, a breakdown of $62.03 (low Apr.4) would open the door to $61.16 (100-day sma) and finally $60.03 (low Mar.8).