WTI above $65.00 post-EIA, highest since late 2014

Prices of the barrel of the West Texas Intermediate managed to clinch fresh tops beyond the critical $65.00 mark on Wednesday following the EIA’s weekly report.

WTI firmer on EIA

Prices of the barrel of the American benchmark for the sweet light crude oil surpassed the $65.00 handle after the EIA reported US crude oil supplies went down more than expected by 1.071 million barrels during the week ended on January 19.

In addition, weekly distillates stocks increased by 0.639 million barrels and gasoline stockpiles rose by 3.098 million barrels, both readings missing prior surveys.

Further data saw supplies at Cushing decreasing by 3.150 million barrels.

Prices for the black gold are up for the third session in a row and are trading in the highest levels since December 2014 above the key $65.00 mark.

WTI significant levels

At the moment the barrel of WTI is up 1.12% at $65.19 and a break above $69.66 (high Dec.1 2014) would aim for $77.95 (high Nov.21 2014) and then $79.92 (high Nov.10 2014). On the other hand, the immediate support is located at $64.16 (10-day sma) seconded by $62.84 (low Jan.19) and finally $62.65 (21-day sma).