WTI confined within range below $ 67 mark, eyes US rigs data

• Potential rise in OPEC, Russia oil output and DXY strength undermine oil prices.
• Eyes on US rigs count and industrial production data for fresh signals.

WTI (oil futures on NYMEX) broke its Asian consolidative mode to the downside in the European session, as markets resorted to lock-in gains heading into the critical OPEC meeting next week.

Despite the latest leg lower, the black gold remains confined within yesterday’s trading range, after the bulls conquered two-week tops above $ 67 mark. The black gold stalled its four-day rally and now remains on the defensive, undermined by increased expectations that the OPEC and Russia will announce an increase in the oil output next week.

Russian Energy Minister Alexander Novak said on Thursday after talks with Saudi Energy Minister Khalid al-Falih in Moscow that both nations "in principle" supported a gradual increase in production after restricting output for 18 months, Reuters reported.

In the meantime, markets await the US industrial production data and drilling sector activity report published by Bakers and Hughes Oilfield Services Company for near-term trading opportunities.

WTI Technical Levels

Joshua Gibson, FXStreet’s Analyst noted: “Crude oil is managing to continue pushing upwards from a technical bottom last week around 64.60, and managed to claim a fresh two-week high of 67.00. With the week's low providing support from 64.80, bulls will be looking to reclaim the last swing high at 68.50.”