WTI pushes higher near $46.50 on EIA

Crude oil prices are adding to earlier gains today following the EIA’s weekly report, with the West Texas Intermediate staying in the upper end of the range above the $46.00 mark per barrel.

WTI bid post-EIA

Prices for the WTI attempted a test of the mid-$46.00s after US crude oil inventories decreased more than expected by 7.564 mbpd during the week ended on July 7, according to the EIA’s weekly report.

Further data showed weekly distillates stocks increasing by 3.131 mbpd, gasoline inventories down by 1.647 mbpd (surpassing estimates) and supplies at Cushing retreating by 1.948 mbpd.

Also collaborating with the upside, latest news cited OPEC governors said they will hold and extraordinary meeting on July 17.

In the meantime, the barrel of WTI is advancing for the third session in a row above the $46.00 handle, on its way to test last week’s tops just above the $47.00 mark.

WTI levels to consider

At the moment the barrel of WTI is gaining 2.73% at $46.27 and a break above $46.81 (55-day sma) would aim for $47.31 (high Jul.4) and finally $48.20 (61.8% Fibo of the May-June decline). On the other hand, the immediate support aligns at $44.62 (21-day sma) followed by $44.40 (23.6% Fibo of the May-June decline) and finally $43.65 (low Jul.10).