- Crude oil prices keep the range on EIA’s weekly report.
- WTI stays above $72.00 per barrel despite the unexpected build.
- US crude oil inventories rose by around 1.8 mbpd last week.
Prices of the barrel of the American reference for the sweet light crude oil are trading in an offered fashion so far, navigating the low-$72.00s in the wake of the EIA’s weekly report.
WTI clings to $72.00 on data
Prices of the barrel of the West Texas Intermediate remain on the defensive on Wednesday following the weekly report on US crude oil stockpiles published by the EIA.
WTI stays unfazed after the EIA reported US crude oil supplies rose by 1.852 mbpd during last week, coming in below market consensus.
In addition, Weekly Distillate Stocks dropped by 2.241 mbpd and Gasoline inventories unexpectedly increased by 1.530 mbpd.
Further out, supplies at Cushing expanded by 0.461 mbpd, partially reverting last week’s 1.250 mbpd drop.
In the meantime, crude oil remains vigilant on the US sanctions against Iran, which are somewhat limiting the downside. In the same direction, investors are closely watching developments from the OPEC in light of President Trump’s recent comments.
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 0.03% at $72.37 and a breakout of $73.06 (high Sep.24) would aim for $74.86 (high Jul.5) and finally $75.34 (2018 high Jul.3). On the flip side, the next down barrier emerges at $71.81 (low Sep.24) seconded by $70.69 (10-day SMA) and then $69.19 (10-day SMA) and then $70.12 (21-day SMA).
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