WTI made fresh highs in a 50% retracement post API inventories drop

WTI has made a fresh high at the US close on the back of the API data.

The American Petroleum Institute said U.S. crude oil inventories fell by 1.8 million barrels last week. WTI was posting a fresh high at $50.98 from lows of $49.54 earlier in the European sessions. 

This data comes ahead of the weekly inventory report from the Energy Information Administration tonight in the US session while most of the focus will be on the FOMC minutes. However,  analysts are expecting the EIA data to show a drop of 200,000 bbls in inventories, according to a survey by The Wall Street Journal. 

WTI is now back into bullish territory, closing above the 200-d MA and the has made a 50% retracement from the lows of 46.50 after dropping from 54.50  back in late Feb business.