WTI regains $44.00 and above post-EIA

Crude oil prices moved higher on Wednesday following the publication of the DoE’s weekly report on US crude supplies, lifting the barrel of West Texas Intermediate to fresh daily tops beyond the $44.00 mark.

WTI bid after EIA

Prices of the barrel of WTI rose to session highs above the $44.00 handle after the EIA reported US supplies dropped by 2.451 million barrels in the week ended on June 16, more than initially estimated.

Further data from the EIA saw weekly distillate stocks up by 1.079 million barrels and gasoline inventories decreasing by 0.578 million barrels.

In addition, supplies at Cushing dropped by 1.080 million barrels, while US oil production climbed 0.2% to 9.35 million barrels.

WTI is showing some buying interest today after bottoming out in fresh 7-month lows in sub-$43.00 levels on Tuesday.

WTI levels to consider

At the moment the barrel of WTI is up 0.74% at $43.86 and a break above $44.16 (high Jun.21) would open the door to $45.09 (23.6% Fibo of the May-June drop) and then $46.67 (20-day sma). On the flip side, the next down barrier aligns at $42.95 (2017 low Jun.20) seconded by $42.20 (monthly low Nov.14 2016) and finally $41.10 (low Aug.11 2016).