WTI quickly faded the spike to $45.80 post-EIA

The upbeat tone around crude oil prices remains intact so far today, with the barrel of West Texas Intermediate now retreating trimming gains to sub-$45.00 levels.

WTI now looks to OPEC

Prices for the WTI has quickly climbed to fresh highs near $45.80 after the EIA reported US crude oil inventories have decreased by nearly 1.9 million barrels during last week vs. and expected build up of almost 3 million barrels.

Further data saw inventories at Cushing dropping by nearly 0.630 million barrels while Gasoline inventories rose by more than 2 million barrels and US oil production shrunk 0.2% during the same period.

Ahead in the day, traders will remain vigilant on the outcome from the OPEC meeting in Algiers, with hopes of a deal on an output freeze losing traction in recent weeks.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.18% at $44.75 and a breakout of $45.77 (high Sep.28) would open the door to $46.52 (high Sep.22) and finally $47.75 (high Sep.8). On the other hand, the next support aligns at $42.55 (low Sep.20) ahead of $41.10 (low Aug.11) and then $39.19 (low Aug.3).