WTI sinks to daily lows near $45.60 post-EIA

Crude oil prices are now accelerating its daily decline, with the West Texas Intermediate dropping to fresh lows near $45.60 per barrel.

WTI offered on EIA’s report

Prices of the barrel of the American reference for the sweet light crude oil weakened further on Wednesday after the EIA’s report showed US crude oil supplies decreased less than expected by 1.661 million barrels in the week ended on June 9.

Additional data saw Weekly Distillates Stocks rising by 0.328 million barrels, while Gasoline Inventories increased by 2.096 million barrels.

Further results showed crude supplies at Cushing down by 1.156 million barrels, while US oil production rose to 9.330 million barrels, or 0.12%.

Prices for the WTI are now trading at shouting distance from multi-week lows in the $45.20 region (June 8) in the wake of the EIA’s report and ahead of the key FOMC meeting.

WTI levels to consider

At the moment the barrel of WTI is losing 1.57% at $45.67 with the next support at $45.20 (low Jun.8) seconded by $44.88 (hourly low May 5) and finally $43.76 (2017 low May 5). On the other hand, a breakout of $46.71 (high Jun.12) would aim for $46.91 (61.8% Fibo of the May rally) and then $48.40 (high Jun.6).