WTI tumbles to lows near $62.80 ahead of data

• Prices of the WTI are trading on the defensive near $62.80.
• WTI retreats further on potential US extra tariffs on Chinese imports.
• US Non-farm Payrolls and oil-rig count next of relevance.

Prices of the barrel of American benchmark for the sweet light crude oil remain under pressure at the end of the week and are now challenging 2-week lows in the $62.80 region.

WTI now looks to US data

Prices of the WTI are grinding lower today following renewed threats by President Trump of further tariffs on Chinese imports of around $100 billion. However, both parties have showed willingness of reaching a deal in the future, somewhat alleviating concerns.

Traders faded initial optimism following an unexpected drop in US crude oil supplies as reported by the EIA on Wednesday, although rising US oil production continues to undermine any efforts from the OPEC to rebalance de oil markets.

Looking ahead, US Non-farm Payrolls should keep the attention on the buck ahead of the publication of US oil rig count by driller Baker Hughes and the speech by Chairman J.Powell.

WTI significant levels

At the moment the barrel of WTI is losing 1.15% at $62.97 facing immediate contention at $62.83 (low Apr.4) seconded by $61.23 (100-day sma) and finally $60.03 (low Mar.8). On the other hand, a breakout of $64.08 (high Apr.5) would aim for $64.17 (10-day sma) and then $65.36 (high Apr.2).