WTI hits fresh multi-year highs above $73.00

• Crude oil rally strengthened on inventory data and US pressure on Iran imports.
• WTI barrels rose  to test $73.00 for the first time since November 2014.
• Upside limited by a stronger DXY that extended gains hitting fresh 6-day highs.

Crude oil prices rose further on Wednesday, rising above May lows and reached the highest intraday level since 2014. WTI Futures climbed to $73.05 and then pulled back to the $72.65 area. The barrel is up 3.00% and over the week it gained 12%. The main driver of the rally was OPEC meeting, last week.

The advance started back in June 18, gained momentum today on the back of supply data (EIA reported US crude oil inventories decreased more than initially estimated by 9.891mbpd) and after the US government asked all countries to stop oil imports from Iran by November. The area around $73.00 and a stronger US Dollar capped the upside.

WTI Levels to watch

The immediate resistance is the $73.00 area followed by $73.40 and $73.90. On the downside, support might be seen at $71.90, $70.95 and $70.55.