Crude Oil: Oil reverses its losses in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.86% against the USD and closed at USD51.94 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 2.9 million barrels for the week ended 04 October 2019.

In the Asian session, at GMT0300, the pair is trading at 52.44, with oil trading 0.96% higher against the USD from yesterday’s close.

The pair is expected to find support at 51.30, and a fall through could take it to the next support level of 50.16. The pair is expected to find its first resistance at 53.66, and a rise through could take it to the next resistance level of 54.88.

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

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