FXStreet – The price for crude oil rose on Wednesday and the Barrel of WTI in the range of the daily high under 52,00 $ per Barrel can be traded.
WTI commandments with EIA to decline
The prices for the black Gold today, in profit, according to the U.S. crude oil inventories according to the EIA in the week to 19. May have fallen with -4,431 million barrels more than expected.
The distillate stocks have declined on a weekly basis to -0,485 million barrels, while the Benin inventories decreased by -0,787 million barrels.
Further data show that the U.S. Oil production increased to 9,320 million barrels. The focus is now on the OPEC meeting on Thursday and it is expected to be an extension of the deal to Oil production cut of 6 or 9 months.
WTI observed levels
Currently, the WTI one-day gain of 0.51% and 51,73 and the next supports is at 51,07 (100-day SMA), 50,57 (Deep 23. May) and up 49.94 (61.8% Fibo of the April-may decline). On the other hand, Resistances can be found at 52,65 (High 18. April) 53,76 (12. April).
** FXStreet News Editorial, FXStreet**