WTI challenges daily highs post-EIA

Prices for the American benchmark for the light sweet crude oil have regained the $48.00 mark and above following the latest report by the EIA on Wednesday.

WTI supported in the mid-$47.00

The West Texas Intermediate quickly returned to the positive territory after the weekly report by the EIA showed crude oil supplies have decreased by more than 1.2 million barrels during last week.

Further data saw Gasoline stockpiles increasing by more than 2.3 million barrels, much more than initially expected. In addition, supplies at Cushing dropped marginally.

Crude oil prices have been trading in an erratic fashion as of late in response to the volatile news surrounding the potential deal to limit the oil output at the meeting in Vienna later in the month.

WTI levels to consider

At the moment the barrel of WTI is up 0.65% at $48.34 facing the initial hurdle at $49.22 (high Nov.22) followed by $50.54 (high Jun.22) and then $51.60 (high Oct.10). On the other hand, a break below $47.12 (55-day sma) would open the door to $45.99 (20-day sma) and finally $42.20 (low Nov.14).

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