WTI upside faltered ahead of $49.50

Crude oil prices are extending their march north on Wednesday, pushing the barrel of West Texas Intermediate to trade at shouting distance from the $50.00 mark.

WTI boosted by EIA, USD-selling

Prices for the black gold accelerated its upside after the EIA reported crude oil inventories decreased by more than 4.2 million barrels during last week, more than initially estimated.

Further data showed inventories at Cushing dropped by nearly 0.650 million barrels and Gasoline inventories increased by more than 2 million barrels.

WTI has found extra legs on the now offered tone surrounding the greenback, after US data have come in mixed and ahead of speeches by FOMC’s Kashkari and Kaplan.

WTI levels to consider

At the moment the barrel of WTI is advancing 0.70% at $48.96 with the initial hurdle at $49.58 (2016 high May 25) followed by $50.92 (high Oct.9 2015) and finally $53.85 (high Jul10 2015). On the flip side, a breach of $46.47 (20-day sma) would allow a visit to $42.50 (low Apr.26) and then $42.36 (55-day sma).