WTI trims gains, back to $45.50 ahead of EIA

Crude oil prices are retreating from session highs today, now dragging the barrel of West Texas Intermediate back to the mid-$45.00s.

WTI attention to EIA report

The barrel of West Texas Intermediate is back to the positive territory following yesterday’s drop after the API reported that crude stockpiles decreased by 2.3 million barrels in the week ended on July 15, although gasoline stockpiles have increased more than anticipated.

In addition, the ongoing USD rally keeps crude prices under pressure, capping at the same time any bullish attempts.

Later in the NA session, the EIA will publish its weekly report on crude oil inventories for the week ended on July 15.

WTI levels to consider

At the moment the barrel of WTI is up 0.07% at $45.48 and a break below $44.46 (100-day sma) would open the door to $43.03 (low May 10) and finally $40.54 (200-day sma). On the flip side, the initial up barrier aligns at $47.82 (55-day sma) followed by $50.54 (high Jun.22) and then $51.67 (2016 high Jun.8).