WTI tumbles to lows post-EIA

Pablo Piovano FXStreet

Crude oil prices have turned negative for the day, dragging the West Texas Intermediate to the area of $49.70 per barrel.

WTI lower on EIA, cautious ahead of Brexit

Prices for the barrel of WTI have dropped to daily lows after EIA’s report showed crude oil inventories decreased by almost 0.920 million barrels during last week, less than the forecasted drop of nearly 1.7 million barrels.

In addition, Gasoline inventories rose by nearly 0.630 million barrels, while inventories in Cushing dropped by almost 1.3 million barrels.

Crude oil is so far snapping a 2-session positive streak, coming down from the mid-$50.00s amidst persistent risk-on trade ahead of tomorrow’s EU-UK Referendum.

WTI levels to consider

At the moment the barrel of WTI is down 0.32% at $49.69 facing the next support at $46.51 (55-day sma) ahead of $45.83 (low Jun.17) and finally $43.03 (low May 10). On the flip side, a break above $50.21 (previous 2016 high May 26) would open the door to $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015).

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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