Crude oil prices print 2018 tops near $73.00 on EIA.

• WTI advances for the second session in a row.
• US crude oil supplies dropped by nearly 9.9 mbpd last week.

Prices of the barrel of the American reference for the sweet light crude oil are pushing higher today, retaking the upper $72.00 mark following the weekly report by the DoE.

WTI clinches 2018 highs post-EIA

Prices of the barrel of the West Texas Intermediate are trading on a firmer note today after the EIA reported US crude oil inventories decreased more than initially estimated by 9.891 mbpd during the week ended on June 22.

Further out, Weekly Distillate Stocks rose by 0.015 mbpd and Gasoline inventories increased by 1.156 mbpd, bettering prior estimates.

Additionally, inventories at Cushing shrunk by 2.713 mbpd, adding to last week’s 1.296 mbpddrop.

In the meantime, crude oil prices are prolonging the upside momentum following the OPEC meeting last Friday, coming up from the support area around $66.70, coincident with the 21-day sma.

Later in the week, Baker Hughes will publish its weekly report on the US drilling activity.

WTI significant levels

At the moment the barrel of WTI is up 2.74% at $72.81 facing the next hurdle at $73.00 (psychological level) seconded by $77.95 (high Nov.21 2014) and then $79.92 (high Nov.8 2014). On the flip side, a breakdown of $68.27 (55-day sma) would expose $67.47 (10-day sma) and finally $63.59 (low Jun.18).