WTI testing highs near $51.80 on EIA

Pablo Piovano FXStreet

Crude oil prices are extending the rally on Wednesday, pushing the West Texas Intermediate to fresh daily highs below the $52.00 mark per barrel.

WTI bid on another EIA draw

Prices for the black gold keep the upbeat tone today after the EIA’s report showed US crude oil supplies decreased by 4.432 million barrels in the week ended on May 19, more than expected initially.

In addition, Weekly Distillates Stocks dropped by 0.485 million barrels, while Gasoline Inventories diminished by 0.787 million barrels.

Further data saw supplies at Cushing dropping by 0.741 million barrels and US oil production increased to 9.320 million barrels.

The rally in crude prices saw the barrel of WTI gaining around 18% since May lows around $43.70 to current levels north of the $51.00 mark, always backed by hopes of an extension of the OPEC output cut deal. The decision on the matter will come at the cartel’s meeting on Thursday, with consensus expecting either a 6-month or a 9-month extension.

WTI levels to consider

At the moment the barrel of WTI is up 0.51% at $51.73 and a break below $51.07 (100-day sma) would aim for $50.57 (low May 23) and finally $49.94 (61.8% Fibo of the April-May drop). On the flip side, the next hurdle lines up at $52.65 (high Apr.18) and then $53.76 (high Apr. 12).

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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