Crude Oil: Oil trading a tad higher in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil slightly declined against the USD and closed at USD63.48 per barrel, amid concerns that the oil market may be overheated.

Meanwhile, the Energy Information Administration (EIA) indicated that US crude oil inventories fell 4.9 million barrels to 419.5 million barrels in the week ended 05 January.

In the Asian session, at GMT0400, the pair is trading at 63.49, with oil trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 63.16, and a fall through could take it to the next support level of 62.84. The pair is expected to find its first resistance at 63.74, and a rise through could take it to the next resistance level of 64.00.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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