- Crude oil prices keep the positive mood on EIA’s weekly report.
- WTI stays above $75.00 per barrel despite the multi-month high build.
- US crude oil inventories rose by nearly 8.0M barrels last week.
Prices of the barrel of the American reference for the sweet light crude oil are sticking to the positive territory so far despite the unexpected large build in US supplies during last week.
WTI remains bid above $75.00
Prices of the barrel of the West Texas Intermediate keep the upside bias unchanged on Wednesday in the wake of the weekly report on US crude oil inventories published by the EIA.
WTI showed some volatility after the EIA reported US crude oil supplies rose by 7.975M barrles during last week, the largest build in the last 19 months.
Additionally, Weekly Distillate Stocks decreased by 1.750M barrels and Gasoline inventories dropped more than expected by 0.459M barrels.
Furthermore, supplies at Cushing increased by 1.699M barrels, adding to last week’s 0.461M barrels build.
Crude oil prices are trading below yesterday’s fresh 2018 tops beyond the $76.00 mark per barrel, although they somewhat manage to keep the daily gains for the time being.
News that Saudi Arabia increased its oil production in November plus Russia’s V.Putin saying the oil prices are too elevated appears to have not dented the ongoing bullish sentiment around oil, which continues to be propped up by supply-side factors with Iran and the US sanctions in centre stage.
Moving forward, Baker Hughes will publish on Friday its weekly figures for the US drilling activity.
WTI significant levels
At the moment the barrel of WTI is up 0.24% at $75.53 and a breakout of $76.14 (2018 high Oct.2) would aim for $77.95 (high Nov.21 2014) and finally $79.92 (high Nov.10 2014). On the flip side, the next down barrier emerges at $73.17 (10-day SMA) seconded by $71.78 (low Sep.26) and then $71.13 (21-day SMA).
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