Prices of the WTI trades on a positive note around $61.50. The API reported a 3.6M barrel drop in US supplies on Tuesday. Next on tap will be the EIA’s weekly report on crude inventories. Prices of the barrel of the West Texas Intermediate advance to new 2-week highs beyond the $61.00 mark on Wednesday. WTI now looks to EIA Prices of WTI advance for the third session in a row and look to break above the multi-session consolidative pattern in place since the beginning of April, always around the key $60.00 mark and with support near $57.50 for the time being. Also supporting prices, the IEA revised up its forecasts for oil demand for this year and now expects an increase to 5.7 million bpd. The IEA’s move fell in line with the OPEC’s projections on Tuesday. Indeed, the cartel now sees the global oil demand increasing to 96.5 million bpd during the current year and the global economy to expand 5.4% ini 2021 (from 5.1%). Still on the positive side, the API reported late on Tuesday an unexpected drop of around 3.6 million barrels during last week ahead of the EIA’s weekly report on crude oil inventories due later on Wednesday. In the meantime, crude oil prices keep tracking the progress of the global vaccination campaign and its impact on the economic recovery and oil demand, although fresh lockdown measures my many G10 countries seem to have poured some cold water over the traders’ expectations as of late. What to look for around WTI Prices of the American benchmark for the sweet light crude oil move to multi-day highs past the $61.00 mark on Wednesday. Crude oil prices barely reacted to the latest OPEC+ decision to start easing the oil output cuts from May, refocusing instead on the progress of the vaccination campaign in Europe and the impact on growth outlook and oil demand. The strong pullback in the speculative net longs seen in past weeks could now act as a renewed source of buying sentiment. Key events in the crude oil space: Weekly reports on US crude oil supplies by the API (Tuesday) and the EIA (Wednesday) – US oil rig count (Friday) – OPEC meeting on April 28th. Eminent issues on the back boiler: Higher crude oil prices could spark fresh interest in US shale and potential increase in production. Demand-supply balance could prompt a moderate correction lower later in the year. Potential overheating of the oil market if current tight conditions extend into H2 2021. Bouts of geopolitical effervescence, mainly in Africa and the Middle East. WTI significant levels At the moment the barrel of WTI is gaining 1.55% at $61.37 and faces the next hurdle at $61.55 (weekly high Apr.14) seconded by $62.25 (weekly high Mar.30) and finally 67.94 (2021 high Mar.8). On the flip side, a breach of $57.28 (weekly low Mar.23) would expose $54.98 (100-day SMA) and then $51.46 (weekly low Jan.22). 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 Germany’s economic institutes to lower 2021 GDP growth forecast to 3.7% – Reuters FX Street 2 years Prices of the WTI trades on a positive note around $61.50. The API reported a 3.6M barrel drop in US supplies on Tuesday. Next on tap will be the EIA's weekly report on crude inventories. Prices of the barrel of the West Texas Intermediate advance to new 2-week highs beyond the $61.00 mark on Wednesday. WTI now looks to EIA Prices of WTI advance for the third session in a row and look to break above the multi-session consolidative pattern in place since the beginning of April, always around the key $60.00 mark and with support near $57.50 for the… 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.