WTI advances to $50.80 on EIA

Prices of the barrel of West Texas Intermediate climbed to the area of $50.80 on Wednesday following the release of the EIA’s report.

WTI bid post-EIA

WTI moved higher today after the EIA reported US crude oil inventories decreased more than initially estimated by 6.023 million barrels during the week ended on September 29.

In addition, weekly distillates stocks dropped by 2.606 million barrels, while gasoline inventories increased by 1.644 million barrels vs. a forecasted build of 1.088 million barrels.

Further data saw supplies at Cushing up by 1.525 million barrels.

In the meantime, prices for the American reference for the sweet light crude oil are up for the first time after two consecutive daily pullbacks, finding some decent contention in the $50.00 neighbourhood for the time being.

WTI significant levels

At the moment the barrel of WTI is gaining 0.34% at $50.59 facing the next resistance at $51.19 (10-day sma) followed by $52.86 (high Sep.28) and finally $53.76 (high Apr.12). On the flip side, a break below $49.92 (38.2% Fibo of $45.58-$52.86) would expose $49.49 (200-day sma) and finally $49.22 (38.2% Fibo of $45.58-$52.86).