Crude Oil: Oil reverses its losses, ahead of EIA’s weekly crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.34% against the USD and closed at USD58.87 per barrel, after the American Petroleum Institute (API) stated that US crude oil inventories rose by 3.9 million barrels to 422.4 million barrels in the week ended 09 February.

In the Asian session, at GMT0400, the pair is trading at 59.16, with oil trading 0.49% higher against the USD from yesterday’s close.

The pair is expected to find support at 58.46, and a fall through could take it to the next support level of 57.75. The pair is expected to find its first resistance at 59.80, and a rise through could take it to the next resistance level of 60.43.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.