WTI drops below $52.00 post-EIA

Pablo Piovano FXStreet

Crude oil prices are now trading on a soft fashion, with the barrel of West Texas Intermediate breaking below the critical $52.00 mark.

WTI stays offered on EIA

Prices of the barrel of the American benchmark for the sweet light crude oil have left the area above the $52.00 handle despite the EIA reported another draw in crude oil inventories during the week ended on October 13, this time by 5.731 million barrels, more than initially forecasted.

Additional data saw weekly distillates stocks up by 0.528 million barrels and gasoline inventories increasing by 0.908 million barrels, coming in below expectations.

Further out, supplies at Cushing rose by 0.202 million barrels.

In the meantime, the barrel of WTI is up for the third consecutive session and flirting with 3-week tops, with the next target now being September’s top at $52.86.

WTI significant levels

At the moment the barrel of WTI is gaining 0.17% at $51.97 facing the next resistance at $52.86 (high Sep.28) followed by $53.76 (high Apr.12) and finally $54.94 (high Feb.23). On the flip side, a break below $51.14 (23.6% Fibo of $45.58-$52.86) would aim for $51.03 (21-day sma) and then $50.08 (38.2% Fibo of $45.58-$52.86).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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