WTI tumbles to fresh lows near $22.80 per barrel

WTI tumbles further to the $22.80 region.
The barrel of WTI trades in fresh 17-year lows.
The EIA reported a nearly 2M barrels build during last week.

Pablo Piovano FXStreet

Prices of the WTI keep losing ground on Wednesday and are now breaching below the $23.00 mark amidst extra downside pressure.

WTI weaker post-EIA

Prices of the barrel of the black gold debilitated further after the EIA reported a nearly 2M barrels build during last week, adding to the previous 7.7M barrels increase.

In addition, Weekly Distillate Stocks went down by 2.94M barrels during last week and Gasoline Inventories decreased by 6.180M barrels, more than doubling forecasts and adding to the previous 5M barrels drop.

Further data saw stockpiles at Cushing increasing by 0.563M barrels (from 0.704M barrels).

The increase in US crude oil supplies, albeit less than forecasted, is not helping prices, which remain depressed and close to the $23.00 mark per barrel so far.

WTI significant levels

At the moment the barrel of WTI is losing 14.69% at $22.84 and a breach of $23.31 (monthly low Apr.2002) would expose $21.62 (monthly low Mar.2002). On the upside, the next resistance lines up at $36.28 (high Mar.11) seconded by $40.00 (round level) and then $41.58 (21-day SMA).

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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