WTI leaps to daily highs near $66.80 post-EIA

  • Crude oil prices rebound to the $66.80 region on EIA report.
  • WTI keeps the multi-session sideline theme intact so far.
  • US crude oil supplies shrunk by around 4.1 mbpd last week.

Prices of the barrel of the American reference for the sweet light crude oil have rebounded to fresh session tops in the $66.80 region following the latest report by the EIA.

WTI higher on upbeat EIA

Prices of the West Texas Intermediate have managed to bounce off the $66.00 neighbourhood after the weekly report by the DoE saw US crude oil supplies dropping more than initially forecasted by 4.143 mbpd during the week ended on June 8.

Furthermore, Weekly Distillate Stocks dropped by 2.101 mbpd and Gasoline inventories went down by 2.271 mbpd, surpassing estimates.

In addition, supplies at Cushing decreased by 0.687 mbpd, adding to last week’s 0.955 mbpd drop.

Crude oil prices continue to slowly inch higher amidst a broader sideline theme, always vigilant on the probability that the OPEC+ could increase their output at some point later in the month.

On the other hand, US crude oil production recorded a fresh record high at 10.9 mbpd during last week, keeping the bullish attempts limited for the time being.

WTI significant levels

At the moment the barrel of WTI is up 0.64% at $66.45 facing the next hurdle at $66.70 (high Jun.13) followed by $68.04 (21-day sma) and then $68.55 (high May 30). On the other hand, a breach of $64.19 (low Jun.5) would aim for $61.77 (low Apr.6) and finally $60.03 (monthly low Mar.8).