WTI testing lows near $52.20 post-EIA

Crude oil prices are extending the weekly bearish note on Wednesday, now dragging the West Texas Intermediate to the $52.20 area per barrel following the EIA’s report.

WTI weaker on EIA

Prices for the black gold stayed on the defensive today after the EIA reported US supplies decreased less than expected by 1.034 million barrels during the week ended on April 14.

Further data from the report saw Distillate Stocks dropping by 1.955 million barrels while Gasoline Inventories rose by more than 1.5 million barrel vs. a forecasted draw of nearly 2 million barrels.

In addition, supplies at Cushing decreased by almost 0.8 million barrels.

WTI levels to consider

At the moment the barrel of WTI is losing 0.19% at $52.31 facing the immediate support at $52.16 (low Apr.18) followed by $51.96 (100-day sma) and then $50.74 (low Apr.5). On the other hand, a break above $53.39 (high Apr.13) would aim for $53.76 (high Apr.12) and finally $54.94 (high Feb.23).