Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.20% against the USD and closed at USD56.28 per barrel, after the American Petroleum Institute disclosed that US crude oil inventories rose more than expected by 7.3 million barrels to 451.5 million barrels in the week ended 01 March 2019.
In the Asian session, at GMT0400, the pair is trading at USD56.10, with oil trading 0.32% lower against the USD from yesterday’s close, after projections from US oil producers, Chevron Corp and Exxon Mobil Corp signalled a rise in shale oil production. Moreover, official figures from the Energy Information Administration, due later today, are expected to show a rise in the weekly US crude inventories.
The pair is expected to find support at 55.64, and a fall through could take it to the next support level of 55.19. The pair is expected to find its first resistance at 56.87, and a rise through could take it to the next resistance level of 57.65.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
