WTI leaps to session highs near $45.50 on EIA

Crude oil prices are now extending their daily upside, lifting the barrel of West Texas Intermediate to fresh highs above the $45.00 mark.

WTI stronger post-EIA, looks to Fed

Prices for the WTI has climbed further north of the $45.00 handle after US crude oil inventories decreased by 6.2 million barrels during last week, according to the latest report by the EIA, which has also showed an increase in production for the second straight week.

Further data saw Gasoline inventories dropping by more than 3.2 million barrels while inventories at Cushing rose by a tad above 0.500 million barrels.

Today’s results have bolstered further the already upbeat tone in crude oil prices following yesterday’s large draw reported by the API (nearly 7.5 million barrels).

WTI levels to consider

At the moment the barrel of WTI is advancing 1.70% at $44.80 and a surpass of $45.47 (high Sep.21) would aim for $47.75 (high Sep.8) and then $50.54 (high Jun.22). On the other hand, the next support lines up at $42.74 (low Sep.16) followed by $41.10 (low Aug.11) and finally $39.19 (low Aug.3).