WTI retakes $62.00 and above post-EIA

• Crude oil prices rebounds from lows in the $61.70 area after EIA.
• Oil inventories increased last week by 2.408 mbpd, less than expected.
• WTI regains the $62.00 mark and above in the wake of the release.

Prices of the barrel of the West Texas Intermediate have bounced off session lows in the $61.70 region after the EIA reported US oil supplies increased less than initially forecasted.

WTI retakes $62.00 on EIA’s report

Prices of the WTI are reverting Tuesday’s pullback and are trading above the key $62.00 mark per barrel after US crude oil supplies increased less than forecasted.

In fact, the EIA reported that crude oil supplies rose by 2.408 million barrels vs. a forecasted build of 2.723 million barrels. In addition, weekly distillates stocks went down by 0.559 million barrels and gasoline stockpiles decreased by 0.788 million barrels.

Further data saw supplies at Cushing decreasing by 0.605 million barrels, adding to last week’s 1.218 million barrels drop.

In the meantime, prices of the WTI keep the positive note so far this week, although gains further north of the $63.30 area (Tuesday) still remain elusive. Price action around crude oil faces a tug-of-war between rising US oil output and the effectiveness of the OPEC deal to rebalance the markets.

Later in the week, Baker Hughes will publish its oil rig count (Friday).

WTI significant levels

At the moment the barrel of WTI is up 0.13% at $62.47 facing the next hurdle at $63.30 (high Mar.6) seconded by $64.30 (high Feb.26) and then $66.72 (2018 high Jan.25). On the other hand, a break below $61.63 (21-day sma) would aim for $60.20 (low Mar.2) and finally $58.10 (2018 low Feb.9).