WTI leaps to highs around $50.00 on EIA

Pablo Piovano FXStreet

Crude oil prices are seeing some relief following the EIA report on Wednesday, with the West Texas Intermediate now moving higher to test highs near the key $50.00 mark per barrel.

WTI bid post-EIA

Prices for the WTI ticked higher today after the EIA reported US supplies decreased more than expected by 3.641 million barrels during the week ended on April 21.

Additional data from the report saw Distillate Stocks increasing by around 2.650 million barrels while Gasoline Inventories rose by nearly 3.370 million barrels (vs. a forecasted draw of more than a million barrels).

Furthermore, supplies at Cushing decreased by just above 1.2 million barrels.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.59% at $49.85 and a break above $50.01 (high Apr.26) would aim for $50.22 (high Apr.24) and finally $51.15 (20-day sma). On the flip side, the immediate support aligns at $49.10 (200-day sma) followed by $49.03 (low Apr.24) and then $48.45 (78.6% Fibo of the March-April rally).

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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