WTI extends rebound beyond $72 after EIA data

• WTI touched a fresh session high above $72.00.
• EIA report showed that crude oil inventories in the US declined by 3.5 million.
• Saudi King said the kingdom worked with OPEC+ to stabilise the oil market.

After snapping a three-day losing streak on Tuesday, crude oil prices continued to push higher and the barrel of West Texas Intermediate (WTI) touched a daily high of $72.20 during the American trading hours. As of writing, WTI was up 1.6% on a daily basis at $71.95.

EIA stock report helps WTI push higher

Earlier in the day, the data published by the US Energy Information Administration (EIA) showed that commercial crude oil inventories in the US decreased by 3.5 million barrels in the week ending September 17. 

Additionally, the positive shift witnessed in risk sentiment, as reflected by rising US stocks, is providing an additional boost to oil. Currently, the S&P 500 Index is up 0.72% on the day at 4,385 points. In the meantime, Saudi Arabia’s King Salman bin Abdulaziz told the United Nations General Assembly on Wednesday that his government worked with OPEC and non-OPEC producers, the group known as OPEC+, to stabilize the oil market. 

Later in the day, the FOMC will announce its monetary policy decisions and oil is likely to preserve its bullish momentum in case the market mood remains upbeat.

Technical levels to watch for