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WTI firmer, closer to $46.00

FXStreet (Edinburgh) - Crude oil prices are up nearly 6% on Wednesday, with the barrel of WTI trading in the upper-$45.00s mark per barrel.

WTI up on EIA, USD weakness

Prices for the WTI have regained levels above the $45.00 handle after crude oil inventories have increased less than initially estimated by nearly 3.4 million barrels during last week, according to the EIA’s report.

In addition, today’s renewed offered tone surrounding the dollar is helping the upside in the West Texas Intermediate, posting multi-day peaks while market participants get ready for the FOMC meeting.

WTI levels to watch

At the moment the barrel of West Texas Intermediate is advancing 5.87% at $45.70 with the next hurdle at $47.62 (100-day sma) followed by $47.80 (76.4% Fibo of $37.75-$50.9) and finally $49.33 (high Aug.31). On the other hand, a break below $41.78 (low Aug.28) would expose $40.85 (23.6% Fibo of $37.75-$50.92) and finally $37.75 (2015 low Aug.24).

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