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 3.21% against the USD and closed at USD50.64 per barrel, after the Energy Information Administration (EIA) reported an unexpected increase in US gasoline supplies.

However, losses in crude prices were kept in check, after the EIA disclosed that US crude oil inventories fell by 1.0 million barrels to 532.3 million barrels last week. Investors had expected for a decrease of 1.5 million barrels.

In the Asian session, at GMT0300, the pair is trading at 50.77, with the oil trading 0.26% higher against the USD from yesterday’s close.

The pair is expected to find support at 49.69, and a fall through could take it to the next support level of 48.61. The pair is expected to find its first resistance at 52.25, and a rise through could take it to the next resistance level of 53.73.

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

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