WTI Looks Firm Near $46.00 Ahead Of EIA

Prices of the barrel of WTI navigate the area of 2-day highs in the vicinity of the $46.00 mark on Wednesday.

sunset

Image Source: Unsplash

WTI now looks to data

Following two daily pullbacks in a row, the barrel of the American reference for the sweet light crude oil regain the smile on Wednesday and manage to advance past the $46.00 level.

Prospects for higher demand in the month to come appears to offset concerns regarding the coronavirus pandemic and its potential impact on the oil industry and the global economy, lending traders an extra dose of optimism following the somewhat disappointing OPEC+ announcement.

Wednesday’s positive performance leaves behind the API’s reported build in US crude oil supplies of more than 1.1 million barrels during last week. Later in the NA session, the EIA will publish its weekly report on crude oil inventories.

WTI significant levels

At the moment the barrel of WTI is gaining 0.90% at $45.99 and faces the next resistance at $46.66 (monthly high Dec.4) seconded by $48.39 (monthly high Mar.4) and finally $54.45 (monthly high Feb.20). On the other hand, a breach of $43.94 (monthly low Dec.2) would expose $43.04 (high Nov.11) ahead of $40.12 (weekly low Nov.16).

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.