WTI depressed below $65.00, US production weighs

• WTI trades around $65.00 on Monday.
• Higher US oil production weighs on sentiment.
• Weekly data includes API, EIA reports.

Crude oil prices are extending the bearish note at the beginning of the week, with the barrel of West Texas Intermediate posting moderate losses in the proximity of the $65.00 mark.

WTI looks to data for direction

Prices of the barrel of the American benchmark for the sweet light crude oil stay subdued on Monday, bouncing off lows in the $64.60 region albeit still meandering in the negative territory.

Recently, the EIA reported that US crude oil production surpassed the 10 mbpd during November, undermining the prevailing optimism among traders regarding a fast rebalancing of the oil markets and at the same time forcing WTI to deflate from the area of peaks beyond the $65.00 mark per barrel.

In the same direction, both the API and the EIA reported last week US crude oil inventories rose more than initially estimated, also putting prices under extra pressure.

WTI significant levels

At the moment the barrel of WTI is losing 0.81% at $64.91 and a break below $64.44 (21-day sma) would aim for $63.74 (low Jan.30) and finally $62.84 (low Jan.19). On the upside, the immediate hurdle is located at $65.24 (10-day sma) seconded by $66.35 (high Feb.2) and then $66.72 (2018 high Jan.25).