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 1.11% against the USD and closed at USD65.82 per barrel, after the US decided to terminate waivers on countries to import Iranian oil.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 8 to 825 in the week ended 18 April 2019.

In the Asian session, at GMT0300, the pair is trading at 65.90, with oil trading 0.12% higher against the USD from yesterday’s close.

The pair is expected to find support at 65.31 and a fall through could take it to the next support level of 64.73. The pair is expected to find its first resistance at 66.23, and a rise through could take it to the next resistance level of 66.57.

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 trading above its 20 Hr and 50 Hr moving averages.

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