WTI sinks to lows sub-$47.00 post-EIA

Crude oil prices are extending its bearish momentum on Wednesday, with the West Texas Intermediate now breaking below the key mark at $47.00 the figure.

WTI lower on EIA’s report

Prices for the barrel of WTI dropped further after crude oil inventories unexpectedly increased by 2.5 million barrels during last week vs. forecasts for a 0.5 million barrels draw, according to the latest EIA report.

Further data saw gasoline inventories marginally up by 0.036 million barrels vs. an expected decrease of nearly 1.2 million barrels.

In addition, inventories at Cushing ticked higher by 0.375 million barrels.

Next of relevance in the oil sphere will be Chair Yellen’s speech at Jackson Hole, US flash Q2 GDP figures and the report on US drilling activity by Baker Hughes, all due on Friday.

WTI levels to consider

At the moment the barrel of WTI is losing 2.47% at $46.91 facing the next support at

$45.78 (55-day sma) followed by $41.10 (low Aug.11) and finally $40.49 (200-day sma). On the upside, a breakout of $50.54 (high Jun.22) would open the door to $51.67 (2016 high Jun.9) and then $53.89 (high Jul.10 2015).