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WTI jumps to daily peaks near $58.30 on EIA

  • US inventories dropped more than expected last week.
  • WTI bid within a narrow range.
  • Focus remains on the OPEC meeting next week.

Prices of the barrel of the American benchmark for the sweet light crude oil are picking up further pace today, navigating above the $58.00 mark following the EIA’s weekly report.

WTI bid on EIA, focus to OPEC

Prices for the WTI reverted the initial bearish tone after US crude oil supplies decreased by 3.429 million barrels during the week ended on November 24 vs. an estimated draw of 2.301 million barrels.

Additionally, weekly distillates stocks increased by 2.747 million barrels and gasoline stockpiles went up by 3.627 million barrels, missing consensus.

Furthermore, supplies at Cushing decreased by 2.914 million barrels.

Despite the current rebound, prices for the WTI stay on the defensive so far this week, losing ground since Monday after recording fresh 2017 tops just above the key $59.00 mark last Thursday.

In the meantime, traders remain focused in the critical OPEC meeting due tomorrow, always amidst increasing speculations of a potential extension of the OPEC/non-OPEC output cut deal beyond the initial deadline in March 2018.

WTI significant levels

At the moment the barrel of WTI is up 0.29% at $58.16 and a surpass of $59.05 (2017 high Nov.24) would aim for $62.58 (2015 high May 6) and then $77.83 (high Nov.21 2014). On the other hand, the next support is located at $57.44 (low Nov.28) seconded by $57.43 (10-day sma) and finally $56.75 (21-day sma).

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