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 0.82% against the USD and closed at USD59.39 per barrel, after the Energy Information Administration (EIA) forecasted that shale crude-oil production from seven major US oil plays would rise by 110,000 barrels per day (bpd) to 6.756 million bpd in March.

Additionally, the Organisation of the Petroleum Exporting Countries (OPEC) raised its crude supply forecast for 2018, citing a boom in US shale oil production.

In the Asian session, at GMT0400, the pair is trading at 59.65, with oil trading 0.44% higher against the USD from yesterday’s close.

The pair is expected to find support at 58.96, and a fall through could take it to the next support level of 58.28. The pair is expected to find its first resistance at 60.58, and a rise through could take it to the next resistance level of 61.52.

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

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