FXStreet (Edinburgh) – The barrel of the West Texas Intermediate quickly climbed to session highs above the $49.00 mark on Wednesday.
WTI firmer post-EIA report
Crude oil prices have been boosted after the weekly report of the EIA showed a drop of 4.2 million barrels in the week ended on July 24th, well above market expectations.
The barrel of WTI was trading in the area of $47.70 juts before announcement, clinching 3-day tops around $49.50 in the wake of the release.
WTI levels to watch
At the moment WTI is advancing 2.44% at $49.15 with the next resistance at $52.54 (high Jul.16) followed by $53.94 (high Jul.15) and then $54.35 (high Jul.10). On the flip side, a breakdown of $47.05 (low Apr.1) would open the door to $45.33 (low Mar.23) and finally 444.03 (low Mar.18).
(Market News Provided by FXstreet)