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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.12% against the USD and closed at USD56.16 per barrel, after the International Energy Agency stated that it would act quickly if needed to keep the global oil market adequately supplied.

In the Asian session, at GMT0300, the pair is trading at 56.24, with oil trading 0.14% higher against the USD from yesterday’s close.

The pair is expected to find support at 55.70, and a fall through could take it to the next support level of 55.16. The pair is expected to find its first resistance at 56.91, and a rise through could take it to the next resistance level of 57.58.

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

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