WTI keeps the range post-EIA, around $52.30

• EIA reported an unexpected (albeit small) build in supplies
• WTI prices struggling to advance further north of $52.60
• Speculations on an extension of the OPEC deal still in play

Crude oil prices remain within the daily range following the release of the weekly report by the EIA, with the barrel of West Texas Intermediate gravitating in the mid-$52.00s.

WTI offered on data

Prices for the WTI are trading in the negative ground so far today after the EIA reported an unexpected build of 0.856 million barrels during the week ended on October 20 (vs. a forecasted drop of nearly 2.6 million barrels), recording the first increase after four consecutive draws.

Further data saw weekly distillates stocks decreasing by 5.246 million barrels and gasoline inventories dropping by 5.465 million barrels.

In addition, supplies at Cushing went down by 0.237 million barrels.

In the meantime, and despite today’s pullback, prices for the black gold stay on the way to close the third consecutive week with gains, although the market is showing some signs of exhaustion around recent tops near $52.60.

WTI significant levels

At the moment the barrel of WTI is down 0.40% at $52.27 and a break below $51.72 (10-day sma) would open the door to $50.70 (low Oct.20) and then $50.08 (38.2% Fibo of $45.58-$52.86). On the other hand, the next up barrier lines up at $52.62 (high Oct.24) seconded by $52.86 (high Sep.28) and finally $53.76 (high Apr.12).