Oil holds steady after WTI recovers over 64.50

• Crude fell on Dollar strength, but Middle East tensions are providing a small boost to keep oil prices elevated.
• American oil producers continue to fill supply chains, restraining barrel prices.

Crude oil is holding flat with WTI floating around the 64.60 region ahead of the European markets. 

WTI Crude couldn't make up its mind on Wednesday and fell to 63.70 before rebounding back over the 64.50 handle. The US Dollar bid up across the broad currency bloc and equities were sideways and bond yields flattened, and oil couldn't ultimately make up its mind over which direction to go. 

Weekly Crude Stocks earlier this week showed a buildup of over five million crude barrels in US producers' reserves, but tensions in the Middle East with the Saudi states accusing Hamas-supporting groups and Iran of launching missiles into the Saudi territory. Oil has managed to recover from January's decline that saw crude fall to 57.90 after inflation fears surged in global markets, but the rout has ended and oil traders are struggling to drive oil prices higher as the glut of American oversupply continues to swamp global supply lines.

WTI levels to watch

March's rally has left WTI near January's highs, but a lack of momentum has crude oil challenging support from late February's swing high at 64.15 and further support from March's lower boundaries near the 60.00 major handle, with stiff resistance sitting at previous support at 65.25 and March's highs at 66.25.