WTI eases from tops, back around $69.00

Crude oil prices prolong the upside to fresh tops above $69.00.
WTI posted new 3-year highs in the mid-$69.00s.
EIA’s reported crude supplies dropped more than expected.

Pablo Piovano FXStreet

Prices of the WTI are extending the upbeat mood today, recording fresh 3-year tops beyond the $69.00 mark per barrel.

WTI bolstered by EIA report

Prices of the barrel of the American reference for the sweet light crude oil keep the upside momentum intact today, trading slightly below 3-year highs in the mid-$69.00s seen earlier in the session.

The upside in WTI has been fuelled further by yesterday’s report by the EIA, where US crude oil supplies unexpectedly drop by more than 1 mbpd during last week, adding to Tuesday’s drop reported by the API.

It is worth mentioning that the rally in crude oil has been propped up lately by rising concerns over potential supply disruptions due to Middle East tensions, probable sanctions against Iran and shrinking output in Venezuela.

Looking ahead, driller Baker Hughes will report on US oil rig count tomorrow.

WTI significant levels

At the moment the barrel of WTI is up 0.13% at $68.91 facing the next resistance at $69.55 (2018 high Apr.19) followed by $69.66 (monthly high Dec.2014) and finally $70.00 (psychological level). On the downside, a break below $66.24 (10-day sma) seconded by $65.56 (low Apr.17) and then $65.28 (21-day sma).

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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