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 declined 0.35% against the USD and closed at USD57.66 per barrel, amid anxiety ahead of an OPEC meeting to discuss output cuts.

Additionally, the American Petroleum Institute (API) reported that US crude oil inventories rose by 1.8 million barrels to 457.3 million barrels in the week ended 24 November.

In the Asian session, at GMT0400, the pair is trading at 57.67, with oil trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 57.36, and a fall through could take it to the next support level of 57.04. The pair is expected to find its first resistance at 58.05, and a rise through could take it to the next resistance level of 58.42.

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

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