Crude oil prices have advanced further on Wednesday, with the barrel of West Texas Intermediate hovering over the mid-$51.00s mark following the release of the EIA’s report.
WTI capped near $52.00 ahead of Trump
Prices for the WTI are not giving up despite the stronger note from the greenback, which managed to clinch fresh highs in the 103.00 area when gauged by the US Dollar Index (DXY).
WTI has quickly left behind the large build in crude oil inventories as reported by the EIA during last week, up nearly 4.1 million barrels per day vs. a forecasted increase of almost 1.2 million barrels.
Further results from the DoE’s report showed supplies at Cushing dropped by more than 500K barrels while Gasoline stockpiles increased by more than 5 million barrels.
Ahead in the session, president-elect Donald Trump will hold its first post-election press conference, keeping the attention on the buck.
WTI levels to consider
At the moment the barrel of WTI is up 1.65% at $51.67 and a break above $52.37 (high Jan.10) would aim for $52.80 (20-day sma) and finally 54.32 (high Jan.6). On the downside, the next support lines up at $49.95 (low Dec.15) followed by $49.54 (55-day sma) and then $48.53 (100-day sma).