WTI pops to highs near $49.00 post-EIA

Crude oil prices are edging higher on Wednesday, pushing the barrel of West Texas Intermediate to the area of peaks in the $48.70/80 band.

WTI boosted by EIA’s report

Prices for the barrel of WTI rose to 8-week tops after the EIA reported US crude supplies decreased by 7.208 million barrels on the week ended on July 21.

Additional data saw weekly distillate stocks dropping by 1.852 million barrels and gasoline inventories down by 1.015 million barrels. Furthermore, supplies at Cushing dropped by 1.699 million barrels, while US production eased by a marginal 19K barrels.

WTI quickly surged to fresh multi-week tops in the vicinity of the key $49.00 mark, bolstering at the same time the upbeat sentiment following yesterday’s sharp advance.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.52% at $48.61 and a surpass of $49.46 (200-day sma) would open the door to $49.65 (76.4% Fibo of the May-June drop) and finally $50.00 (psychological mark). On the other hand, the next support aligns at $47.91 (100-day sma) seconded by $47.03 (50% Fibo of the May-June decline) and then $46.68 (55-day sma).