WTI clinches daily highs above $47.00 post-EIA

Pablo Piovano FXStreet

Crude oil prices have intensified the daily upside today, now pushing the barrel of West Texas Intermediate to fresh session tops through the $47.00 mark.

WTI up on EIA

Prices of the barrel of the American benchmark for the sweet light crude oil are moving higher after US crude oil supplies decreased by 5.247 million barrels during the week ended on May 5, according to the weekly report by the EIA.

Further data showed Gasoline Inventories went down by 0.150 million barrels and Weekly Distillate Stocks dropped by 1.587 million barrels. Additionally, supplies at Cushing dropped by 0.448 million barrels.

Prices for the WTI rose to the boundaries of the key $47.00 mark in the wake of the report, recording multi-day highs.

WTI levels to consider

At the moment the barrel of WTI is up 2.51% at $47.03 and a break above $47.58 (38.2% Fibo of the April-May drop) would aim for $47.58 (38.2% Fibo of the April-May drop) and finally $49.31 (200-day sma). On the flip side, the immediate support is located at $45.73 (low May 8) seconded by $43.76 (2017 low May 5) and then $42.20 (low nov.14 2016).

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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