WTI ignores EIA report, stays near highs around $50.50

Pablo Piovano FXStreet

Prices of the barrel of the West Texas Intermediate paid little attention to the unexpected build in US supplies, keeping the area of daily peaks in the mid-$50.00s.

WTI unchanged on EIA

Prices for the black gold stayed apathetic after the EIA reported an increase of 4.591 million barrels during the week ended on September 15, more than initially forecasted.

In addition, weekly distillates stocks dropped more than expected by 5.693 million barrels and gasoline inventories decreased by 2.125 million barrels, just a tad lower than consensus.

Further data saw supplies at Cushing up by 0.703 million barrels.

The rally in WTI stays strong in the meantime, up for the eighth consecutive session to fresh 4-month peaks, while fresh rumours on the likeliness of an extension of the OPEC output cut deal beyond March adding extra legs to the bull run.

WTI significant levels

At the moment the barrel of WTI is gaining 1.04% at $50.42 facing the immediate hurdle at $52.00 (high May 25) seconded by $53.76 (high Apr.12) and finally $54.94 (high Feb.23). On the other hand, a breach of $49.55 (200-day sma) would aim for $49.25 (10-day sma) and then $49.15 (low Sep.14).

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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