WTI apathetic on EIA, still below $48.00

Pablo Piovano FXStreet

Crude oil prices remain on a positive note today despite the West Texas Intermediate stays unable to test/surpass the $48.00 mark per barrel post-EIA report.

WTI supported around $47.00

Prices of the American reference for the sweet light crude oil rose to fresh daily tops near the $48.00 handle after the EIA reported another draw of US crude oil supplies, this time of 8.945 million barrels during the week ended on August 11, bettering expectations.

Further data saw a build of 0.702 million barrels of weekly distillates stocks, while gasoline inventories rose by 0.022 million barrels. In addition, crude oil supplies at Cushing went up by 0.678 million barrels.

In the meantime, the barrel of WTI seems to have found decent contention around weekly lows near the $47.00 mark, while it keeps struggling for direction amidst rising concerns over a potential slowdown of the Chinese demand for crude, prospects of higher US oil production and rising skepticism over the ability of the OPEC deal to curb market imbalances.

WTI levels to consider

At the moment the barrel of WTI is up 0.02% at $47.56 and a break above $47.98 (high Aug.16) would aim for $48.51 (21-day sma) and then $49.14 (high Aug. 14). On the other hand, the immediate support aligns at $47.02 (3low Aug.15) followed by $46.56 (55-day sma) and finally $46.24 (50% Fibo of the June-August up move).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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