WTI jumps to highs above $46.00 on Russia

Crude oil prices have abruptly reverted the daily drop following renewed hopes of a deal at the OPEC meeting later in the month.

WTI boosted by OPEC news, ignores EIA build

Prices for the black gold have leapt to daily highs above the $46.00 handle after Russian energy minister said there are big chances to clinch a deal in order to limit the oil output at the OPEC meeting in Vienna on November 30.

The news has overshadowed the EIA’s weekly report, where crude inventories rose by nearly 5.3 million barrels during last week, more than initially estimated.

Further data from the report showed Gasoline inventories increased by almost 0.750 million barrels, while supplies at Cushing rose by nearly 0.700 million barrels.

WTI levels to consider

At the moment the barrel of WTI is now up 0.24% at $45.88 and a breach of $42.20 (low Nov.14) would aim for $41.10 (low Aug.11) and then $37.61 (low Apr.18). On the other hand, the next hurdle aligns at $46.19 (high Nov.15) ahead of $46.96 (55-day sma) and finally $48.75 (high Aug.19).

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