FXstreet.com (Barcelona) - The barrel of the American benchmark for the light crude oil is grinding lower on Wednesday as the greenback is eyeing the 80.00 mark.
The American Petroleum Institute (API) has informed Tuesday that crude inventories rose to 3.4 million barrel last week, against previous estimates of +400K barrels.
âWe look for a sizeable US crude supply surplus during the coming months to take some steam out of crude strength. We still see fresh lows to below the $100 mark by next weekâ, commented Ritterbusch and Associates.
Yesterdayâs climb of more than 1% in the prices was due to the Seaway pipeline reversal, which has been designed to bring oil to the Gulf coast in order to alleviate the excess of supply in Cushing, Oklahoma. The move, according to experts, would bring US oil in line with international prices.
The barrel of WTI is down 0.06% at $104.65 as of writing, with the resistance at 105.63 followed by 106.55 and then 108.04
Support levels lie at 103.23 then 101.74 and finally 100.82
