WTI looks firm near $46.00 ahead of EIA

The barrel of WTI stays bid near the $46.00 mark.
The API reported a nearly 1.15M barrel build late on Tuesday.
The EIA’s weekly report on US crude supplies comes up next.

Pablo Piovano FXStreet

Prices of the barrel of WTI navigate the area of 2-day highs in the vicinity of the $46.00 mark on Wednesday.

WTI now looks to data

Following two daily pullbacks in a row, the barrel of the American reference for the sweet light crude oil regain the smile on Wednesday and manage to advance past the $46.00 level.

Prospects for higher demand in the month to come appears to offset concerns regarding the coronavirus pandemic and its potential impact on the oil industry and the global economy, lending traders an extra dose of optimism following the somewhat disappointing OPEC+ announcement.

Wednesday’s positive performance leaves behind the API’s reported build in US crude oil supplies of more than 1.1 million barrels during last week. Later in the NA session, the EIA will publish its weekly report on crude oil inventories.

WTI significant levels

At the moment the barrel of WTI is gaining 0.90% at $45.99 and faces the next resistance at $46.66 (monthly high Dec.4) seconded by $48.39 (monthly high Mar.4) and finally $54.45 (monthly high Feb.20). On the other hand, a breach of $43.94 (monthly low Dec.2) would expose $43.04 (high Nov.11) ahead of $40.12 (weekly low Nov.16).

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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