- Crude oil prices rebound to daily highs around $66.30 on EIA report.
- Traders’ attention remains on the OPEC meeting on Friday.
- US crude oil inventories decreased by around 5.9 mbpd last week.
Prices of the barrel of the American reference for the sweet light crude oil are trading on a better mood on Wednesday, advancing above the $66.00 mark following the weekly report by the EIA.
WTI firmer post-EIA
Prices of the West Texas Intermediate are rebounding from the $65.00 region after the EIA reported US crude oil supplies decreased more than expecte by 5.914 mbpd during the week ended on June 15.
Furthermore, Weekly Distillate Stocks rose by 2.715 mbpd and Gasoline inventories went up by 3.277 mbpd, missing prior estimates.
In addition, supplies at Cushing decreased by 1.296 mbpd, adding to last week’s 0.685 mbpd drop.
In the meantime, crude oil prices are looking to extend the rebound from weekly lows in the mid-$63.00s seen at the beginning of the week, always against the backdrop of a cautious stance from traders in light of the upcoming OPEC meeting in Vienna on Friday.
WTI significant levels
At the moment the barrel of WTI is up 1.15% at $65.78 and a breakout of $66.57 (21-day sma) would aim for $67.14 (high Jun.14) and then $67.80 (55-day sma). On the flip side, the next support emerges at $63.59 (low Jun.18) seconded by $61.77 (low Apr.6) and finally $60.03 (monthly low Mar.8).
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