WTI fades the bounce to $ 64 mark, API data eyed

• Will it regain $ 64 mark?
• The US API inventories report on tap.

WTI (oil futures on NYMEX) stalled its recovery from two-week lows and entered a phase of consolidation near $ 63.70 levels, as the bulls struggle to take-out the $ 64 barrier, as sentiment remains weighed by the global market rout.

The barrel of WTI attempted a minor-recovery in early Europe amid a brief recovery in risk sentiment, although the bounce lost legs after the European equities tracked the sell-off in its global peers and triggered a fresh risk-aversion wave across the financial markets.

Also, rising US output levels and bearish US drillers’ report continue to weigh down on the investors’ minds, as attention now turns towards the weekly crude inventories report due out from the US later today. At the time of writing, WTI drops -0.66% to $ 63.69 while Brent loses -0.70% to $67.03.

WTI Technical Levels

The resistances are aligned at $64.12 (daily pivot) ahead of $64.65/70 (20 & 5-DMA) and $65.07 (10-DMA). On the downside, supports are located at $ 63.30 (2-week low), $63 (round number) and $62.85 (classic S1/ Fib S2).