WTI falls backs to 65.55 after reaching a new high

• Risk appetite on Saudi explosions boosted oil to kick off the week.
• Crude quickly fell back into last week's trading range, and buyers remain constrained.

WTI climbed to a new March high of 66.48 before declining back into the 65.55 area ahead of the European session.

Crude drive higher earlier on reports of missiles being fired into Saudi Arabia, on top of the normal gamut of geopolitical tensions from Trump's ongoing trade tariff debacle.

Little data is due this week to impact crude, but the API Weekly Crude Oil Stock on Tuesday at 20:30 GMT will hopefully provide crude bulls with a bump if oil buildup continues to decline following last week's 2.7M contraction.

WTI Levels to watch

The level to beat for oil bulls will be the fresh high at 66.48, while support sits at February's swing high of 64.00, with further support from early March's consolidation area near 62.00.