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FXStreet (Edinburgh) - The barrel of West Texas Intermediate left the area of ytd highs beyond the $56.00 handle and is now posting marginal losses near $55.60.
WTI supported at $55.00
The barrel of WTI is deflating from recent peaks, as investors quickly digested the recent lower-than-expected increase in crude inventories according to EIA and the OPEC’s announcement that the demand for crude oil will pick up during this year.
Pouring cold water over the recent upbeat tone, Saudi officials have informed that the kingdom’s output during March reached a record high, almost 10.3 million barrels/day.
WTI relevant levels
The barrel of WTI is now losing 0.89% at $55.89 with the next support at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2). On the other direction, a break above $58.38 (high Dec.19) would open the door to $59.53 (high Dec.12) ahead of $66.84 (high Dec.5).