WTI clinches 2018 highs post-EIA, near $68.50
- Crude oil prices extend the rally near $68.50 after EIA.
- US oil supplies shrunk nearly 1.1 mbpd last week.
- WTI in fresh 3-year tops following the DoE’s report.
Prices of the barrel of the WTI are extending the rally today following an unexpected decrease in US crude oil supplies during last week.
WTI in fresh multi-year tops
Prices of the American reference for the sweet light crude oil are testing multi-year highs in levels beyond the $68.00mark per barrel today in the wake of the EIA’s weekly report.
In fact, the DoE reported US crude oil stockpiles unexpectedly fell in the week ending on April 13 by 1.071 million barrels vs. an expected drop of 0.500 million barrels.
In addition, Weekly Distillates Stocks decreased by 3.107 million barrels and Gasoline Inventories decreased by 2.968 million barrels, more than expected.
Further out, supplies at Cushing went down by 1.115 million barrels, reverting last week’s 1.129 million barrels build.
In the meantime, crude oil prices keep the upbeat momentum intact, sustained in turn by potential supply disruptions in light of tensions in the Middle East as well as probable sanctions against Iran and declining output in Venezuela.
WTI significant levels
At the moment the barrel of WTI is up 2.13% at $68.08 facing the next resistance at $68.55 (2018 high Apr.18) followed by $69.66 (monthly high Dec.2014) and finally $70.00 (psychological level). On the downside, a break below $65.56 (low Apr.17) would expose $64.99 (21-day sma) and finally $61.77 (low Apr.6).
