WTI trades flat around $47.50 ahead of EIA report

• WTI turns quiet after closing first two days of the week higher.
• Two oil terminals in Libya are closed due to bad weather.
• Eyes on the US Energy Information Administration’s weekly report.

Crude oil prices rose during the first two days of the week as the coronavirus vaccine rollout and US stimulus optimism allowed investors to continue to price a steady recovery in global oil demand.

WTI rally pauses on Wednesday

After advancing to its highest level since early March at $47.87, however, the barrel of West Texas Intermediate (WTI) has gone into a consolidation phase and was last seen trading flat on the day at $47.56.

Earlier in the day, Libya’s National Oil Corporation (NOC) media office stated that es-Sider and Zueitina oil terminals were closed on Wednesday due to bad weather, as reported by Reuters. This development seems to be helping the WTI limit its downside for the time being.

During the American trading hours, the US Energy Information Administration (EIA) will release its weekly Crude Oil Stocks Change data for the week ending December 11th. 

Meanwhile, investors will keep a close eye on headlines surrounding the US stimulus talks. On Tuesday, US Senate Majority Leader Mitch McConnell said progress was made in negotiations with Democrats and urged all lawmakers to come together around a deal. 

Technical levels to watch for