Crude Oil: Oil extended its gains in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.83% against the USD and closed at USD54.37 per barrel.

However, gains in crude prices were trimmed, after the Energy Information Administration (EIA) disclosed that US crude oil inventories rose slightly by 0.6 million barrels to 518.7 million barrels in the week ended 17 February, recording its seventh consecutive weekly increase.

In the Asian session, at GMT0400, the pair is trading at 54.39, with the oil trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 53.90, and a fall through could take it to the next support level of 53.41. The pair is expected to find its first resistance at 54.91, and a rise through could take it to the next resistance level of 55.43.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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