WTI off highs post-EIA, around $53.30

Crude oil prices eased a tad following the bullish figures from the EIA’s weekly report, taking the barrel of West Texas Intermediate to the $53.40/30 band in the wake of the publication.

WTI steady despite upbeat data

Prices of the barrel of the American reference for the sweet light crude oil stay in the area of multi-day tops after the EIA reported inventories decreased more than 2.1 million barrels during the week ended on April 7, bettering initial foreacasts.

Further data saw Distillates Stocks down by more than 2.15 million barrels, Gasoline Inventories dropping nearly 3 million barrels and supplies at Cushing increasing by almost 280K barrels.

Furthermore, US oil production climbed to the highest level since August 2015 at 9.235 million barrels per day.

WTI levels to consider

At the moment the barrel of WTI is losing 0.06% at $53.37 and a break below $52.29 (low Apr.10) would aim for $51.72 (100-day sma) and then $50.74 (low Apr.5). On the upside, the next hurdle lines up at $53.80 (high Mar.6) followed by $54.94 (high Feb.23) and finally $55.24 (2017 high Jan.3).