WTI runs out of steam near $72.00 as markets await further key data

The WTI crude oil clings to mild gains around two-week high, up for the third consecutive day. Clear break of six-week-old falling resistance line, weekly bullish channel keep Oil buyers hopeful.

Overbought RSI as well as cautious mood prevail across oil markets ahead of key US data. WTI crude oil sellers need to break $70.70 to retake control.

WTI crude oil struggles to refresh a two-week high while sticking to mild gains around $72.00 amid early Thursday in Europe. In doing so, the black gold remains within a one-week-old rising trend channel as it makes rounds to the weekly top.

The oil benchmark’s latest upside also takes clues from the clear upside break of a previously important resistance line stretched from late May, as well as the quote’s run-up beyond the 61.8% Fibonacci retracement of May 24 to June 12 downside, near $71.70-65 at the latest.

Meanwhile, the market’s positioning for the US ISM Services PMI and ADP Employment Change for June, as well as the Eurozone Retail Sales for May, seem to play its role in challenging the Oil traders of late.