WTI challenges $64.00 on EIA report

• WTI around $64.00 post-EIA.
• Supplies rose by 6.78 mbpd last week.
• FOMC meeting in the limelight.

Prices of the barrel of the West Texas Intermediate eased from earlier tops around $64.50 and are now gyrating around the $64.00 mark following the EIA’s weekly report.

WTI offered on EIA build

Prices of the barrel of the American benchmark for the sweet light crude oil remain entrenched in the negative territory today, orbiting around the $64.00 handle after the EIA reported US crude oil supplies rose by 6.776 million barrels during last week.

Furthermore, weekly distillates stocks decreased by 1.940 million barrels and gasoline stockpiles went down by 1.980 million barrels, both readings coming in above previous estimates.

Further data saw supplies at Cushing decreasing by 2.224 million barrels.

Prices for the black gold are receding for the third consecutive session so far today, extending the drop from last week’s multi-year peaks just below the $67.00 mark (January 25).

WTI significant levels

At the moment the barrel of WTI is down 0.39% at $64.25 facing the next support at $63.73 (low Jan.30) seconded by $62.84 (low Jan.19) and finally $59.99 (55-day sma). On the upside, a break above $64.65 (10-day sma) would aim for $66.42 (2018 high Jan.25) and then $69.66 (high Dec.1 2014).