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West Texas Intermediate (WTI) is extending gains as the US Crude Oil benchmark rises above $65.00.

At the time of writing, WTI is trading near $65.85, with intraday gains of nearly 1.50%

The weekly US Energy Information Administration (EIA) report released on Wednesday revealed that Crude Oil stockpiles rose by 3.845 million barrels. 

Expectations had been for the latest report to show a drawdown of 2 million barrels. 

Despite easing supply concerns, WTI Crude Oil extended its gains. The latest recovery, which began on Tuesday, follows a 12% decline last week. 

This has pushed prices above the $65.00 psychological level, which is providing imminent support for the near-term move.

For the next significant move, technical levels may continue to influence the direction of WTI Crude Oil ahead of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) meeting scheduled for July 6.

WTI holds above psychological support as markets await OPEC+ decision

While the OPEC+ are expected to increase production by an additional 411,000 barrels per day in August, demand for Oil continues to rise.

In anticipation of the next meeting, WTI has stabilised above the 38.2% Fibonacci retracement level of the January-April decline at $64.18.

The June low of $63.73 provides additional support, with the 50-day Simple Moving Average (SMA) at $63.47 serving as a technical floor following.

Momentum indicators are currently reflecting a neutral tone. 

The Relative Strength Index (RSI) is hovering near 48, suggesting a lack of directional conviction. 

Meanwhile, the Commodity Channel Index (CCI) near - 43 shows mildly bearish momentum without entering oversold territory. 

WTI (US Crude) Oil daily chart

(Click on image to enlarge)

A sustained break above $67.08 (50% retracement) could open the door for a recovery.

If prices hold above key support and break through $67.08, rising above the $70 psychological level, a surge in bullish momentum could pave the way for the 78.6% Fibonacci level at $74.11. 

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