EIA reports larger than expected draw in crude oil stocks. Power outage in Venezuela weighs on exports. Crude oil prices received an additional boost from the weekly oil market report published by the Energy Information Administration earlier in the session and the barrel of West Texas Intermediate rose to its highest level since mid-November at $58.06. As of writing, the WTI was trading at $57.70, adding 1.15% on a daily basis. The EIA today announced that crude oil stocks in the U.S. decreased by 3.9 million barrels in the week ending March 8 compared to analysts’ estimate for an increase of 2.65 million barrels. Commenting on the data, “It’s a big crude oil draw for this time of year. Usually you see builds as a function of the refinery utilization rate,” Bob Yawger, director of energy futures at Mizuho, told Reuters. On Tuesday the EIA reported that it slashed its global oil demand growth forecasts both for 2019 and 2020 but revised down its output forecasts as well to support crude oil prices. Meanwhile, the 6-day long power outage in Venezuela continues to hurt the oil production and weigh on exports to provide an additional boost to oil. Technical levels to consider WTI Trends: Daily SMA20: 56.44 Daily SMA50: 54.12 Daily SMA100: 53.79 Daily SMA200: 61.71 Levels: Previous Daily High: 57.82 Previous Daily Low: 57.03 Previous Weekly High: 57.41 Previous Weekly Low: 54.79 Previous Monthly High: 57.92 Previous Monthly Low: 51.56 Daily Fibonacci 38.2%: 57.52 Daily Fibonacci 61.8%: 57.33 Daily Pivot Point S1: 56.99 Daily Pivot Point S2: 56.61 Daily Pivot Point S3: 56.2 Daily Pivot Point R1: 57.78 Daily Pivot Point R2: 58.19 Daily Pivot Point R3: 58.57 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY Technical Analysis: Greenback declining towards the 111.00 figure FX Street 4 years EIA reports larger than expected draw in crude oil stocks. Power outage in Venezuela weighs on exports. Crude oil prices received an additional boost from the weekly oil market report published by the Energy Information Administration earlier in the session and the barrel of West Texas Intermediate rose to its highest level since mid-November at $58.06. As of writing, the WTI was trading at $57.70, adding 1.15% on a daily basis. The EIA today announced that crude oil stocks in the U.S. decreased by 3.9 million barrels in the week ending March 8 compared to analysts' estimate for an increase… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
