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 0.40% against the USD and closed at USD35.41 per barrel.

In the Asian session, at GMT0300, the pair is trading at 35.47, with oil trading 0.17% higher against the USD from yesterday’s close, Organisation of the Petroleum Exporting Countries (OPEC) meeting later this week to discuss whether to extend production cuts beyond end-June.

The pair is expected to find support at 34.58, and a fall through could take it to the next support level of 33.68. The pair is expected to find its first resistance at 36.06, and a rise through could take it to the next resistance level of 36.64.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.