- Crude oil prices extend the daily sodeline theme following EIA report.
- WTI remains under pressure in the area of 4-week lows.
- US crude oil supplies increased by around 5.8 mbpd last week.
Prices of the barrel of the American reference for the sweet light crude oil are trading within a consolidative pattern so far today, hovering over the mid-$67.00s following the weekly report on US inventories by the EIA.
WTI trades in 4-week lows
The selling pressure around prices of the barrel of the West Texas Intermediate stay well and sound so far this week after the EIA reported US crude oil inventories posted an unexpected build of around 5.836 mbpd during the week ended on July 13.
Furthermore, Weekly Distillate Stocks dropped by 0.371 mbpd and Gasoline inventories went down by 3.165 mbpd, bettering previous estimates.
In addition, supplies at Cushing shrunk by 0.860 mbpd, adding to last week’s 2.062 mbpd drop.
In the meantime, crude oil prices stay under pressure as threats of supply disruptions have diminished as of late. Adding to the downbeat mood, traders keep adjusting to the recent increment of production by the OPEC+ and Libya’s resuming its export activity.
Looking ahead, Baker Hughes will publish its weekly report on the US drilling activity (Friday).
WTI significant levels
At the moment the barrel of WTI is up 0.55% at $67.97 facing the next hurdle at $69.42 (55-day sma) followed by $71.09 (21-day sma) and then $71.25 (high Jul.13). On the downside, a breach of $67.08 (low Jul.18) would aim for $63.59 (low Jun.19) en route to $63.07 (200-day sma).
Share
