Crude oil prices have bounced off daily lows following the EIA report today, lifting the West Texas Intermediate to the current $45.30 area per barrel.
Prices of the American benchmark for the sweet light oil have attempted a bull run after the EIA’s weekly report showed crude oil inventories have decreased by 2.342 million barrels during last week, more than initially estimated.
However, Gasoline inventories have ticked higher by nearly 1 million barrels vs. a forecasted drop of more than 0.800 million barrels. Further data saw inventories at Cushing up by nearly 0.200 million barrels from last week’s drop of 0.232 million barrels. Crude oil prices remain in the area of 2-month lows around the $45.00 mark, as the ongoing USD rally keeps capping occasional gains.
At the moment the barrel of WTI is losing 0.40% at $45.27 and a break below $44.46 (100-day sma) would open the door to $43.03 (low May 10) and finally $40.54 (200-day sma). On the flip side, the initial up barrier aligns at $47.82 (55-day sma) followed by $50.54 (high Jun.22) and then $51.67 (2016 high Jun.8).