Oil building on the week's move, WTI testing back into $67/barrel

• Oil takes a ride on Middle East tensions coupled with the confidence that the stock oversupply can be ended this year.
• OPEC is confident their production-cutting agreements are having an effect to stem the flow of US crude into global supply chains.

Crude oil is drifting inside of Thursday's ranges, with WTI falling back into 66.70 before taking another run at the 67.00 handle.

Oil had a bumper week on Syria concerns, and Oil is on pace to settle its best week since last July despite stalling ahead of Friday's session.

OPEC believes that the global stock surplus being fed by US oversupply should dry up by September, and the OPEC intends to keep their production cuts in place well into 2019, based on increasing energy demand.

Destabilization in the Middle East is propping up crude prices for now, with Saudi Arabia announcing that they are shooting down missiles targeting Riyadh coming from Yemen, as well as the ongoing Syrian civil war that threatens to drag major players into the fray as the US and her allies threaten to engage in missile strikes against Bashir al-Assad's regime in retaliation for chemical weapons attacks on his own population.

WTI Levels to watch

With oil back into 4-year highs,immediate resistance is thin at yesterday's high of 67.20, and only Wednesday's high above that at 67.35, and the challenge for bulls will be to run up as much as possible before being faced with a bearish correction, which could pose a challenge for further upwards movement if a correction falls back into support beyond last week's lows near 61.80, or the previous swing low on Dailes at the 60.00 handle.