WTI leaps to highs above $54.00 post-EIA

Pablo Piovano FXStreet

The barrel of West Texas Intermediate has recovered the smile on Wednesday, advancing to fresh highs beyond the $54.00 mark following the latest EIA report on crude inventories.

WTI in 2-day peaks on EIA

Prices for the American benchmark of the sweet light crude oil has advanced through the critical $54.00 barrier after the EIA reported US supplies increased less than initially estimated during last week.

EIA informed that crude oil inventories rose by just above 1.5 million barrels during last week vs. a forecasted build of more than 3 million barrels. In addition, Gasoline inventories dropped by more than 500K barrels and supplies at Cushing rose by almost 500K barrels.

The barrel of WTI climbed as high as the $54.40 area following the release, just to lose some ground soon afterwards as the firm note around the buck keeps capping potential bullish attempts.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.19% at $54.11 and a surpass of $54.42 (high Mar.1) would open the door to $54.61 (high Feb.27) and finally $54.94 (high Feb.23). On the downside, the next support lines up at $53.49 (20-day sma) followed by $53.18 (low Feb.28) and then $53.03 (55-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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