WTI in fresh 2018 highs post-EIA, above $67.00

• Crude oil prices extend the squeeze higher beyond $67.00 after EIA.
• US oil supplies went up more than expected by 3.306 mbpd last week.
• WTI in fresh 3-year tops following geopolitical concerns.

Prices of the barrel of the West Texas Intermediate are extending the weekly upside on Wednesday despite the EIA reported US oil supplies rose more than initially forecasted.

WTI in fresh 3-year tops

Prices of the American reference for the sweet light crude oil are navigating multi-year highs in levels just shy of the $67.00mark per barrel today in the wake of the EIA’s weekly report. In fact, the DoE said US crude oil stockpiles rose more than expected in the week ending on April 6 by 3.306 million barrels vs. an expected drop of 0.600 million barrels.

Additionally, Weekly Distillates Stocks decreased by 1.044 million barrels and Gasoline Inventories increased by 0.458 million barrels (vs. a forecasted build).

Further out, supplies at Cushing rose by 1.129 million barrels, adding to last week’s 3.666 million barrels gain.

In the meantime, the upside in crude oil prices remains bolstered by heightened geopolitical risks noting the likeliness of an imminent US military strike in Syria and recent news citing Saudi air forces intercepted a rocket over Ryhad.

WTI significant levels

At the moment the barrel of WTI is up 2.41% at $67.12 and a breakout $69.66 (high Dec.1 2014) would expose $77.95 (high Nov.21 2014). On the flip side, the next support emerges at $63.73 (10-day sma) seconded by $63.37 (21-day sma) and finally $61.77 (low Apr.6).