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WTI ignores EIA, back above $31.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices keep the recovery alive on Wednesday, with the barrel of the West Texas Intermediate now advancing towards the mid-$31.00s.

    WTI shrugged off inventories build-up, lower demand

    The barrel of WTI has practically ignored another increase of crude oil inventories during last week, this time by nearly 8.4 million barrels (highest in the last 9 months), according to EIA. The report also showed that gasoline inventories increased by 3.5 million barrels, all against the backdrop of lower demand.

    Further news released by Reuters in early trade noted Iraq could attend OPEC meetings, although the possibility of an OPEC-Non OPEC countries agreement on an output cut remains highly unlikely.

    WTI levels to watch

    At the moment the barrel of WTI is down 1.70% at $31.56 a breach of $26.19 (multi-year low Jan.20) would aim for $25.04 (monthly low Apr.2003) and finally $23.80 (monthly low Jun.2002). On the flip side, the next hurdle is placed at $32.74 (high Jan.20) ahead of $36.35 (55-day sma) and then $38.39 (high Jan.4).
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