Crude Oil: Oil trading a tad higher, ahead of EIA’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 2.43% against the USD and closed at USD61.88 per barrel, after the American Petroleum Institute (API) indicated that US crude oil inventories fell by 5.0 million barrels to 427.8 million barrels in the week ended 29 December.

In the Asian session, at GMT0400, the pair is trading at 61.90, with oil trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 60.80, and a fall through could take it to the next support level of 59.69. The pair is expected to find its first resistance at 62.49, and a rise through could take it to the next resistance level of 63.07.

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

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