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WTI rises to $ 47 before EIA report, ignores China data

FXStreet (Mumbai) - WTI oil on NYMEX rebounded higher on Wednesday amid expectations of stockpile fall from the upcoming EIA weekly report, offsetting demands concerns for oil fuelled by poor China data.

EIA report in focus

Currently, WTI trades over 1% higher at fresh four-day highs of 46.90, supported above the 46 mark. US oil turned higher as investors cheered a stockpile fall last week as reflected by the API report, shrugged off poor manufacturing reading from China.

Crude stockpiles in the US fell by 3.7 million barrels in the week to September 18, the American Petroleum Institute (API) reported on Tuesday, more than a fall of about 2.1 million barrels expected.

Besides, weak data from China suggests that energy demand from the world's key commodity consumer may slow, which could capped the upside in the black gold.

While the government's Energy Information Administration (EIA) is scheduled to publish its data later today, with a drop of 1.65 million barrels expected.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 47.71 levels above which gains could be extended to 48.42 levels. Meanwhile, support is seen 44.82 levels from here losses could be extended to 43.

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