Crude Oil: Crude oil trading lower, ahead of EIA’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil remained flat against the USD and closed at USD74.00 per barrel.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories fell 6.8 million barrels to 410.1 million barrels in the week ended 06 July 2018.

In the Asian session, at GMT0300, the pair is trading at 73.56, with oil trading 0.59% lower against the USD from yesterday’s close, after US President Donald Trump raised threats of imposing additional tariffs on Chinese goods.

The pair is expected to find support at 72.92, and a fall through could take it to the next support level of 72.28. The pair is expected to find its first resistance at 74.45, and a rise through could take it to the next resistance level of 75.34.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

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