WTI weaker, approaches 81.00 post-EIA report
|- The barrel of WTI loses further ground and trades close to $81.00.
- The EIA said US crude oil supplies rose more than expected.
- The FOMC event will grab all the attention later on Wednesday.
Prices of the barrel of the America benchmark for the sweet light crude oil remain on the defensive and approach the $81.00 mark midweek.
WTI in 4-day lows
Crude oil prices lose ground for the second session in a row on Wednesday and threaten to breach the $81.00 mark per barrel following another unexpected build in weekly US crude oil inventories.
Indeed, the EIA reported a 3.291M barrels build during the week ended on October 29, while supplies at Cushing shrank by 0.916M barrels and gasoline inventories went down by 1.488M barrels. The larger-than-expected increase in crude oil stockpiles added to the nearly 3.6M barrel build reported by the API late on Tuesday.
Also weighing on crude oil prices, commodities and the rest of USD-dubbed assets appears the better tone in the greenback ahead of the key FOMC event due later in the European evening.
WTI significant levels
At the moment the barrel of WTI is losing 1.85% at $81.49 and a breach of $80.62 (weekly low October 28) would aim for $79.44 (weekly low Oct.13) and then $74.99 (weekly low Oct.7). On the upside, the next hurdle is located at $84.85 (monthly high Nov.1) followed by $85.39 (2021 high Oct.25) and finally $86.00 (round level).
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.