WTI challenges $42.00 post-EIA

Prices for the West Texas Intermediate have dipped towards the $42.00 support following the EIA’s weekly report.

WTI lower after EIA

Prices for the black gold have dropped further after crude oil inventories have unexpectedly increased by nearly 1.7 million barrels during the last week vs. a forecasted drop of more than 2.250 million barrels, according to the EIA.

Further data saw Gasoline inventories up 0.452 millions barrels and stockpiles in Cushing have ticked higher by more than 1 million barrels.

Ahead in the session, USD will remain in centre stage in light of the FOMC meeting, with consensus pointing to a ‘constructive’ tone from the Committee.

WTI levels to consider

At the moment the barrel of WTI is losing 2.26% at $41.95 facing the initial up barrier at $44.74 (100-day sma) ahead of $47.74 (55-day sma) and then $50.54 (high Jun.22).