WTI bulls looking to the $75 level on OPEC+ week

• WTI is bullish for the open following a strong close on Friday.
• Bulls are looking towards the $75 level so long as support holds.

West Texas Intermediate (WTI) crude oil is trading in the open at $74.05 and virtually flat on the day so far after solid performance on Friday with spot prices coming in close to the multi-month highs.

WTI was ending at $73.97 and 0.93% higher. The black gold travelled from a low of $72.88 and printed $74.16 as the high. 

The number of oil rigs operating in the US fell by one last week, according to data compiled by energy-services firm Baker Hughes. The count ended at 372 in the seven days through Friday, Baker Hughes said. A year ago, the US had 188 rigs in operation.

Meanwhile, the focus for the week ahead is on OPEC+ group. There will be a meeting where traders will be keen to see if they will move to increase supply as demand recovers from the pandemic.

The group is expected to boost output by 500,000 barrels per day in August when it meets on July 1 as summer demand for gasoline and aviation fuel rises in North America and Europe. 

''Ultimately, we expect the producer group to remain relatively cautious, keeping inventories on a tighter path,'' analysts at TD Securities said.

As for positioning data, WTI crude continued to mark its own path, separate from the rest of the commodity complex.

Despite the FOMC correction witnessed in other markets where speculators opted to take profits and added shorts on net, WTI has held its own. 

WTI price analysis

Technically, the bulls have the 75 level in their sights.

The price is in a constructive bullish structure on the approach from both a daily and 4-hour basis:

There is also a solid support structure in 72.50 below the 50% mean reversion in 73.30.