WTI regains $49.00 post-EIA

Crude oil prices have pared some losses following the EIA report, with the barrel of West Texas Intermediate hovering over the $49.00 handle.

WTI finds support near $48.60

After bottoming out in the $48.60 area, the prices of WTI have retaken the $49.00 mark following the weekly report on US crude oil inventories by the EIA.

The DoE reported an unexpected build in crude supplies of 4.580 million barrels during the week ended on September 1 vs. a forecasted increase of 4.022 million barrels.

In addition, weekly distillate stocks dropped by 1.396 million barrels, gasoline inventories went down by 3.199 million barrels and supplies at Cushing rose by 0.797 million barrels.

In the meantime, prices for the black gold are posting loses for the first time after five consecutive daily advances, gaining just below $4 since last week’s lows in the $45.60/55 band.

WTI significant levels

At the moment the barrel of WTI is losing 0.42% at $49.01 facing the immediate support at $48.58 (61.8% Fibo of the August drop) seconded by $47.68 (21-day sma) and then $47.55 (10-day sma). On the upside, a break above $49.42 (high Sep.6) would open the door to $49.65 (200-day sma) and finally $50.22 (high Aug.10).