Crude Oil: Oil trading higher, ahead of API’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.53% against the USD and closed at USD52.05 per barrel, amid mounting concerns over global growth.

In the Asian session, at GMT0400, the pair is trading at 52.13, with oil trading 0.15% higher against the USD from yesterday’s close.

The pair is expected to find support at 51.17, and a fall through could take it to the next support level of 50.21. The pair is expected to find its first resistance at 53.25, and a rise through could take it to the next resistance level of 54.37.

Moving ahead, investors will keep a close watch on the weekly crude inventories data from the American Petroleum Institute (API), due later in the day.

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

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