WTI stays firm post-EIA, around $57.50

US inventories dropped more than estimated last week.
WTI firmer, albeit off earlier YTD highs above $58.00.
Focus remains on the OPEC meeting next week.

Pablo Piovano FXStreet

Prices of the barrel of the West Texas Intermediate are trading on a firm fashion on Wednesday, currently gaining more than 1% and navigating in the mid-$57.00s following the EIA’s weekly report.

WTI bid post-EIA, attention to OPEC

Prices for the WTI are trading well into the positive territory after US crude oil supplies decreased by 1.855 million barrels during the week ended on November 17 vs. an estimated draw of 1.545 million barrels.

Additionally, weekly distillates stocks increased by 0.269 million barrels and gasoline stockpiles went up by 0.044 million barrels, bettering forecasts.

Further out, supplies at Cushing decreased by 1.827 million barrels.

Prices for the black gold keep the upbeat tone intact so far this week, always bolstered by increasing speculations of a potential extension of the OPEC/non-OPEC output cut deal beyond the initial deadline in March 2018.

In this regard, traders have shifted their focus to the OPEC meeting on November 30, where the cartel should make a decision on the matter.

WTI significant levels

At the moment the barrel of WTI is up 1.21% at $57.52 facing the next hurdle at $58.03 (2017 high Nov.22) followed $62.58 (2015 high May 6). On the other hand, a breach of $56.38 (10-day sma) would aim for $55.57 (21-day sma) and then $54.81 (low Nov.14).

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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