WTI tumbles to $45.40 post-EIA

Crude oil prices are extending its descent today, now sending the barrel of West Texas Intermediate to the $45.40 area, or multi-day lows.

WTI weaker on crude build-up

Prices for the WTI dropped further after crude oil inventories have increased by nearly 2.3 million barrels during last week, according to the latest report by the EIA. Further data showed Gasoline inventories decreased almost 0.700 million barrels, less than the forecasted 1.160 million barrels draw.

In addition, inventories at Cushing dropped by more than 1 million barrels vs. last week’s 0.375 million decrease.

The barrel of WTI is losing ground since Monday, trading in fresh 2-week lows and extending the pullback from recent peaks near $48.80.

WTI levels to consider

At the moment the barrel of WTI is retreating 1.92% at $45.46 and a break below $41.10 (low Aug.11) would aim for $40.60 (200-day sma) and finally $39.19 (low Aug.3). On the flip side, the initial hurdle aligns at $48.75 (high Aug.19) followed by $50.54 (high Jun.22) and then $51.67 (2016 high Jun.9).