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 rose 1.45% against the USD and closed at USD64.39 per barrel, as turmoil in Libya along with OPEC-led supply cuts and US sanctions on Iran and Venezuela signalled further tightening in global supply.

In the Asian session, at GMT0300, the pair is trading at 64.55, with oil trading 0.25% higher against the USD from yesterday’s close.

The pair is expected to find support at 63.53, and a fall through could take it to the next support level of 62.51. The pair is expected to find its first resistance at 65.17, and a rise through could take it to the next resistance level of 65.79.

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

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