WTI ignores EIA report, stays near highs around $50.50
|Prices of the barrel of the West Texas Intermediate paid little attention to the unexpected build in US supplies, keeping the area of daily peaks in the mid-$50.00s.
WTI unchanged on EIA
Prices for the black gold stayed apathetic after the EIA reported an increase of 4.591 million barrels during the week ended on September 15, more than initially forecasted.
In addition, weekly distillates stocks dropped more than expected by 5.693 million barrels and gasoline inventories decreased by 2.125 million barrels, just a tad lower than consensus.
Further data saw supplies at Cushing up by 0.703 million barrels.
The rally in WTI stays strong in the meantime, up for the eighth consecutive session to fresh 4-month peaks, while fresh rumours on the likeliness of an extension of the OPEC output cut deal beyond March adding extra legs to the bull run.
WTI significant levels
At the moment the barrel of WTI is gaining 1.04% at $50.42 facing the immediate hurdle at $52.00 (high May 25) seconded by $53.76 (high Apr.12) and finally $54.94 (high Feb.23). On the other hand, a breach of $49.55 (200-day sma) would aim for $49.25 (10-day sma) and then $49.15 (low Sep.14).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.