WTI clinches highs around $48.00 post-EIA

Crude oil prices are now trading on a better mood following the EIA’s report, lifting the West Texas Intermediate once again above the $48,00 mark per barrel.

WTI bid after EIA

The barrel of WTI reverted initial losses after US crude oil inventories decreased less than expected during the week ended on August 18 by 3.327 million barrels.

In addition, weekly distillates stocks marginally rose by 0.028 million barrels and gasoline inventories dropped by 1.223 million barrels. Furthermore, supplies at Cushing decreased by 0.503 million barrels during the same period.

In the meantime, prices of the WTI are up for the second session in a row so far today, extending the bounce off last week’s lows in the mid-$46.00s.

WTI levels to consider

At the moment the barrel of WTI is up 0.31% at $47.98 and a break above $48.63 (21-day sma) would open the door to $48.75 (high Aug.21) and finally $49.62 (200-day sma). On the flip side, the immediate support lines up at $47.03 (low Aug.21) seconded by $46.57 (55-day sma) and then $46.46 (low Aug.17).