WTI trims losses, back above $52.00 post-EIA

Crude oil prices keep the recovery alive on Wednesday, now sending the West Texas Intermediate beyond the $52.00 mark per barrel in the wake of the EIA report.

WTI bid near $52.00

Prices for the WTI stayed apathetic despite US crude oil supplies increased by more than 13.8 million barrels during last week, according to the latest report by the EIA.

Further data saw Gasoline inventories dropping by nearly 0.870 million barrels, while supplies at Cushing rose by more than 1.140 million barrels.

The renewed offered bias around the greenback is helping crude oil prices mitigate the downside, now extending the bounce off earlier lows in the $51.20 region.

WTI levels to consider

At the moment the barrel of WTI is up 0.40% at $52.38 with the next resistance at $53.24 (high Feb.7) followed by $54.34 (high Feb.2) and finally $55.24 (2017 high Jan.3). On the other hand, a breakdown of $51.23 (low Feb.8) would aim for $50.91 (low Jan.18) and then $50.71 (low Jan.10).