WTI keeps the positive note near $67.00 on EIA report
- Crude oil prices briefly tested session tops beyond the $67.00 mark.
- WTI still navigates the area of 2-month lows around/below $67.00.
- US crude oil inventories rose by almost 6.4M barrels last week.
Prices of the barrel of the American reference for the sweet light crude are keeping the positive note around the $67.00 mark despite the weekly build in supplies.
WTI bid around $67.00/bbl
Prices of the barrel of the West Texas Intermediate briefly climbed to fresh daily highs above the $67.00 mark despite the larger than expected build in US crude oil supplies.
WTI stays bid after the EIA reported US crude oil stockpiles rose by 6.346M barrels during last week, above forecasts.
Additionally, Weekly Distillate Stocks dropped by 2.262M barrels and Gasoline inventories decreased more than estimated by 4.826M barrels.
Furthermore, inventories at Cushing increased by 1.371M barrels, adding to last week’s 1.776M barrels build.
Prices of the WTI are now looking to extend the rebound from 2-month lows near the $65.60 area seen yesterday, leaving behind news that Saudi Arabia could supply oil markets in spite of the imminent US sanctions against Iranian oil exports.
Later in the week, Baker Hughes will publish its weekly figures for the US drilling activity on Friday.
WTI significant levels
At the moment the barrel of WTI is up 1.17% at $66.72 and a breakout of $67.64 (200-day SMA) would aim for $70.00 (high Oct.18) and finally $70.21(55-day SMA). On the other hand, the next support emerges at $65.64 (low Oct.23) seconded by $64.69 (low Aug.16) and then $63.59 (low Jun.18).