WTI Crude Rise On Wednesday Ahead of Input on U.S. Supply – Outlook Positive
Mar, 14th 13:26
WTI crude prices edged higher on Wednesday after an industry report on Tuesday showed that U.S. stockpiles rose less than expected last week, although traders were still eyeing the release of official U.S. supply data due later in the day amid lingering concerns over output levels.
U.S. West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.35 percent, to $61.01 a barrel. Brent crude futures were up 30 cents at $64.95 per barrel.
The American Petroleum Institute reported late Tuesday that U.S. inventories rose by 1.2 million barrels in the week ended March 9, compared to expectations for an increase of 1.5 million.
The U.S. Energy Information Administration (EIA) was set to release its weekly supply report later Wednesday. Analysts expect a rise of 2.02 million barrels for last week.
Oil prices came under pressure after the International Energy Agency (IEA) said in its monthly report on Monday that U.S. crude oil production jumped above 10 million barrels per day (bpd) at the end of 2017, overtaking output by top exporter Saudi Arabia.
On the technical charts, WTI crude is trading in the positive zone. The market is trading below the 9 day, 20 day and 50 day moving averages, but above the 100 day and the 200 day moving averages. The RSI is at 45.61 and the MACD is below the signal line.
Buy digital Call options between 61.10 and 61.50, valid until 23:00 GMT March 14, 2018