WTI drops to $20 area after EIA reports huge increase in US crude oil stocks


  • EIA says weekly crude oil stocks in US increased by 13.8 million barrels.
  • US fuel demand declined by 1.6 million barrels last week.
  • Russia says they are not holding talks with Saudi Arabia on oil markets. 

Crude oil prices came under renewed selling pressure in the last hour after the weekly report published by the US Energy Information Administration (EIA) showed a huge build-up in crude oil stockpiles. As of writing, the barrel of West Texas Intermediate was trading at $20.05, erasing 0.25% on a daily basis.

EIA data weigh on WTI

The EIA said commercial crude oil inventories in the US increased by 13.8 million barrels in the week ending March 27th. Further details of the publication revealed that the total products supplied, a measure of fuel demand in the US, declined by 1.6 million barrels in the same period.

Earlier in the day, a Kremlin spokesman noted that Russia was not holding talks with Saudi Arabia on the oil markets and added that talks could be set up in a timely manner if necessary.

Meanwhile, Saudi Arabia's crude oil supply rose to more than 12 million barrels per day on Wednesday, Reuters reported, citing two industry sources familiar with the matter.

Technical levels to watch for

WTI

Overview
Today last price 22.32
Today Daily Change 0.28
Today Daily Change % 1.27
Today daily open 22.04
 
Trends
Daily SMA20 29.66
Daily SMA50 42.69
Daily SMA100 50.88
Daily SMA200 53.47
 
Levels
Previous Daily High 23.71
Previous Daily Low 21.94
Previous Weekly High 25.85
Previous Weekly Low 21.19
Previous Monthly High 48.74
Previous Monthly Low 20.57
Daily Fibonacci 38.2% 23.04
Daily Fibonacci 61.8% 22.62
Daily Pivot Point S1 21.42
Daily Pivot Point S2 20.79
Daily Pivot Point S3 19.65
Daily Pivot Point R1 23.19
Daily Pivot Point R2 24.34
Daily Pivot Point R3 24.96

 

 

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