WTI advances to highs near $50 ahead of EIA

Crude oil prices are extending the upside monmentum on Wednesday, lifting the West Texas Intermediate to fresh tops near the $50.00 mark per barrel.

WTI up on USD weakness, looks to EIA

Prices for the WTI are posting gains for the sixth session in a row so far today after Tuesday’s report from the API showed US crude oil stockpiles have unexpectedly increased by 7.6 million barrels during last week.

In the meantime, the barrel of WTI is trading in fresh 4-month highs and at shouting distance from the psychological handle at the $50.00 mark, backed by rising hopes of another draw at the EIA’s weekly report on crude oil inventories expected later in the NA session.

Additionally, the buck remains on the defensive today, giving extra oxygen to the USD-denominated assets ahead of US ISM Non-manufacturing and Factory Orders.

WTI levels to consider

At the moment the barrel of WTI is advancing 1.95% at $49.67 and a breakout of $50.54 (high Jun.22) would expose $51.67 (2016 high Jun.6) and then $53.89 (high Jul.10). On the other hand, the next support lines up at $46.30 (100-day sma) followed by $45.95 (20-day sma) and finally $42.55 (low Sep.20).