WTI catches bid above $ 68 mark ahead of US drilling report

• Bulls regain poise after the consolidation, fundamentals remain supportive.
• Will it regain the $ 69 mark ahead of the US rigs count data?

WTI (oil futures on NYMEX) fluctuated between gains and losses so far this Friday, now seen breaking higher from the narrow trading range just ahead of the $ 68 mark.

The black gold found support once again just below the 68 handle, as upbeat remarks from the OPEC and non OPEC countries’ Oil Ministers and the drawdown in the US crude stockpiles continued to underpin the sentiment around the commodity. The US crude inventories fell by 1.1 million barrels in the week to April 13, to 427.57 million barrels, the latest EIA data showed on Wednesday.

Moreover, optimistic global oil demand forecasts from Goldman Sachs also aided the pullback in oil prices, as the bulls look to regain the 69 handle. Global oil demand growth to remain strong this year – Goldman Sachs

Markets now eagerly await the US drilling sector activity report for fresh incentives on the prices.

WTI Technicals

At $ 68.43, the next resistances are aligned at $ 69 (round figure), $ 69.56 (multi-year highs) and $ 70 (key psychological levels). To the downside, supports are located at $ 68.01 (Fib S1), $ 67.60 (5-DMA) and $ 67.19 (10-DMA).