WTI climbs to fresh highs post-EIA, still below $60.00

  • US inventories rose less than forecasted last week.
  • WTI bid albeit still in sub-$60.00 levels.
  • WTI keeps consolidating near term.

Prices of the American benchmark for the sweet light crude oil are trading on a better tone just below the psychological $60.00 mark per barrel following the DoE’s weekly report on US inventories.

WTI stronger on EIA gain

Prices for the black gold leapt to daily highs around $59.90 after the EIA reported a build of 1.841 million barrels during last week, less than the forecasted increase of 2.825 million barrels.

Additionally, weekly distillates stocks went down by 0.459 million barrels and gasoline stockpiles increased by 3.599 million barrels, both readings missing prior surveys.

Further data saw inventories at Cushing shrinking by 3.642 million barrels.

WTI has so far reverted yesterday’s drop although it remains in a consolidative mode following last week’s sharp decline from tops above the $66.00 handle.

Earlier news in the oil-space noted Russian Oil minister A.Novak saying that the OPEC deal will end ‘sooner or later’ and that traders should then shift their focus on supply, demand, investments and the USD.

WTI significant levels

At the moment the barrel of WTI is up 0.37% at $59.44 facing the next up barrier at $60.92 (55-day sma) seconded by $61.23 (50% Fibo of $55.74-$66.72) and finally $61.80 (10-day sma). On the downside, a breach of $58.10 (low Feb.9) would open the door to $58.09 (78.6% Fibo of $55.74-$66.72) and finally $57.62 (100-day sma).

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