WTI leaps to highs above $49.00 post-EIA

Pablo Piovano FXStreet

Crude oil prices have been boosted after the EIA’s weekly report on Wednesday, lifting the West Texas Intermediate to fresh daily highs beyond the $49.00 mark peer barrel.

WTI up on EIA

Prices for the WTI jumped above $49.00 after the EIA’s weekly report showed US inventories rose less than expected by nearly 0.870 million barrels during last week.

Further data saw Distillates Stocks decreasing by more than 2.4 million barrels and Gasoline Inventories dropping by almost 3.75 million barrels. In the meantime, supplies at Cushing went down by just above 0.2 million barrels.

WTI has intensified the daily upside in the wake of the report, although it has already been supported by news citing further disruptions in Libyan oil supply and the rising likeliness of an extension of the OPEC deal beyond H2 2017.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.20% at $48.95 and a surpass of $49.13 (high Mar.29) would open the door to $49.36 (20-day sma) and finally $49.62 (high Mar.16). On the other hand, the immediate support aligns at $47.08 (low Mar.27) followed by $47.01 (2017 low Mar.22) and then $44.82 (low Nov.29).

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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