Thursday, October 1, 2015

WTI in highs after EIA’s report

FXStreet (Edinburgh) - Crude oil prices keep the upper end of the daily range after an ephemeral knee-jerk to session lows near $44.70 following the weekly report on inventories by the EIA.

WTI remains bid post-EIA

The barrel of the West Texas Intermediate has dropped below the $45.00 mark after the EIA has informed that crude oil inventories have increased by nearly 4 million barrels in the week ended on September 25th, sharply reverting last week’s decrease by almost 2 million barrels.

The unexpected weekly build-up in stockpiles has surprised traders, which were expecting another drop in inventories in response to the recent decline in US oil production and falling oil rig count. The tone around the WTI remains positive however, despite the strong performance of the US dollar, with the $46.00 mark already on the horizon.

WTI levels to consider

At the moment the barrel of WTI is advancing 0.97% at $45.67 facing the next up barrier at $46.38 (high Sep.25) ahead of $46.74 (high Sep.21) and finally $47.15 (high Sep.23). On the flip side, a break below $44.30 (low Sep.28) would aim for $43.71 (low Sep.24) and then $43.36 (low Sep.10).
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