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15 Apr 2015
WTI in year highs around $56.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is trading on a firmer footing on Wednesday, advancing beyond the $56 mark, o ytd tops.
WTI boosted by inventories
Crude oil prices accelerated the upside after the EIA informed that inventories rose less than expected by 1.3 million barrels in the week ended on April 10th, to 483.7 million barrels. In the same direction, the International Energy Agency revised higher its demand forecasts, adding further legs to the upside.
Furthermore, gasoline supplies decreased by 2.1 million barrels vs. forecasts for a 0.9 million drop, collaborating with the upbeat sentiment around crude oil.
WTI relevant levels
The barrel of WTI is now gaining 4.95% at $55.93 and a break above $58.38 (high Dec.19) would open the door to $59.53 (high Dec.12) ahead of $66.84 (high Dec.5). On the downside, the immediate support lies at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2).
WTI boosted by inventories
Crude oil prices accelerated the upside after the EIA informed that inventories rose less than expected by 1.3 million barrels in the week ended on April 10th, to 483.7 million barrels. In the same direction, the International Energy Agency revised higher its demand forecasts, adding further legs to the upside.
Furthermore, gasoline supplies decreased by 2.1 million barrels vs. forecasts for a 0.9 million drop, collaborating with the upbeat sentiment around crude oil.
WTI relevant levels
The barrel of WTI is now gaining 4.95% at $55.93 and a break above $58.38 (high Dec.19) would open the door to $59.53 (high Dec.12) ahead of $66.84 (high Dec.5). On the downside, the immediate support lies at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2).