Crude Oil: Oil trading flat in the Asian session, 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 0.82% against the USD and closed at USD63.91 per barrel, after the American Petroleum Institute (API) disclosed that US crude oil inventories fell by 1.1 million barrels to 418.4 million barrels in the week ended 2 February.

In the Asian session, at GMT0400, the pair is trading at 63.91, with oil trading flat against the USD from yesterday’s close.

The pair is expected to find support at 63.26, and a fall through could take it to the next support level of 62.60. The pair is expected to find its first resistance at 64.43, and a rise through could take it to the next resistance level of 64.94.

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

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