Crude Oil: Oil trading flat in the Asian session, ahead of EIA’s weekly crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.89% against the USD and closed at USD62.13 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 5.7 million barrels to 426.9 million barrels in the week ended 02 March.

In the Asian session, at GMT0400, the pair is trading at 62.13, with oil trading flat against the USD from yesterday’s close.

The pair is expected to find support at 61.55, and a fall through could take it to the next support level of 60.96. The pair is expected to find its first resistance at 63.00, and a rise through could take it to the next resistance level of 63.86.

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

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