WTI crude oil reversed an early North American session dip to sub-$64.00 levels and was last seen trading around the $63.60-70 region, still down nearly 1.5% for the day. From a near-term technical perspective, the risks remain tilted to the downside after the price pieced through the critical 100 and 200-simple moving average (SMA) on hourly sticks.

With Thursday’s decline, the commodity has now turned lower for the week. Some follow-through selling below the $64.00 mark, leading to a subsequent breakthrough the weekly swing lows around the $63.70 region will be seen as a fresh trigger for bearish traders. This, in turn, will set the stage for additional losses and drag spot prices further towards testing levels below the $63.00/barrel mark.

In its monthly report released on Wednesday, the IEA noted that the demand for crude is outpacing supply and that the discrepancy will grow further. This comes after the OPEC report earlier this week pointed to strong fuel demand recovery in 2022 amid the solid economic recovery in the US and China. Traders even shrugged off Wednesday’s bullish supply data from the US EIA, which showed a much smaller than anticipated draw of 427K barrels for the week ending May 7.

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