Crude Oil: Oil reverses its losses in the Asian session, ahead of API’s weekly crude oil inventory data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.13% against the USD and closed at USD54.05 per barrel, amid signs that US crude production is set to contribute to a global supply glut, despite efforts by other major oil producers to cut oil output.

In the Asian session, at GMT0400, the pair is trading at 54.16, with the oil trading 0.2% higher from yesterday’s close.

The pair is expected to find support at 53.89, and a fall through could take it to the next support level of 53.62. The pair is expected to find its first resistance at 54.52, and a rise through could take it to the next resistance level of 54.88.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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