WTI challenges lows near $67.00 post-EIA

• WTI prices extend the downside near $67.00 on EIA.
• US crude oil supplies rose more than 6.2 mbpd.
• WTI in fresh lows following the EIA’s report.

Prices of the West Texas Intermediate are falling further on Wednesday following another build in US crude oil inventories during last week and are testing daily lows in the $67.00 neighbourhood per barrel.

WTI extends losses post-EIA

Prices of the barrel of the American reference for the sweet light crude oil are testing the $67.00 region per barrel today in the wake of the weekly report by the EIA.

In fact, the EIA reported US crude oil stockpiles increased by 6.218 million barrels in the week ended on April 27 vs. a forecasted build of 0.739 million barrels.

Further out, Weekly Distillates Stocks decreased more than expected 3.9 million barrels and Gasoline Inventories rose by 1.171 million barrels, below estimates.

In addition, inventories at Cushing rose by 0.416 million barrels, adding to last week’s 0.459 million barrels increase.

The EIA also reported that US oil production rose to an all-time high of 10.61 mbpd, only surpassed by Russia. Crude oil prices keep the sideline theme unchanged in the top of the recent range for the time being, as traders stay wary of the likelihood of further sanctions on Iran. In this regard, President Trump should mad a decision by May 12.

WTI significant levels

At the moment the barrel of WTI is down 0.43% at $67.18 facing the next support at $66.88 (low May 2) seconded by $66.71 (21-day sma) and finally $65.56 (low Apr.17). On the other hand, a break above $69.55 (2018 high Apr.19) would open the door to $69.66 (monthly high Dec.2014) and finally $70.00 (psychological level).