Russia’s Energy Minister Alexander Novak was on the wires earlier today, via Reuters, expressing his take on the Russia-US talks on the oil market ahead of their meeting on Thursday and how important for the two to cooperate. He also added that the oil market is still vulnerable, in part due to geopolitics and in need of continuous monitoring. Furthermore, he also added that Russia has the potential to add 300,000 barrels per day within 12 months and that further supply decision will depend on market dynamics. Today's API Crude inventories are expected to decline by 1.3M barrels from last weak which could help the prices to consolidate on higher levels.
After surging till reaching the $70 level, Crude oil prices are facing a bit of pressure as extreme overbought conditions are reigning. It only takes them to find a support above the $69.1 level to print new highs above the $71 per barrel.
Support: 65.3 64.6
Resistance: 65.88 68.3