WTI Through $51.00, Fresh 2016 Tops

WTI Through $51.00, Fresh 2016 Tops

8 June 2016, 13:43
Roberto Jacobs
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WTI Through $51.00, Fresh 2016 Tops

The barrel of West Texas Intermediate is extending its rally today, currently surpassing the key $51.00 mark.

WTI in multi-month highs, EIA eyed

Crude oil prices edged higher on Wednesday bolstered by expectations of further decrease in oil inventories in the EIA report due later in the NA session.

The better tone around crude oil has been recently supported by disruptions in the Nigerian output, a persistent offered tone around the greenback and yesterday’s decrease by more than 3.5 million barrels in US stockpiles, according to the API’s report.

WTI levels to consider

At the moment the barrel of WTI is advancing 1.41% at $51.07 facing the next hurdle at $53.85 (high Jul.10 2015) followed by $61.82 (high Jun.10 2015) and finally $62.58 (2015 high May 6). On the other hand, a breach of $49.00 (20-day sma) would open the door to $47.75 (low Jun.1) and then $46.73 (low May 19).

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