Crude Oil: Oil trading higher, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.80% against the USD and closed at USD56.80 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 3.7 million barrels to 454.0 million in the week ended 15 February 2019.

In the Asian session, at GMT0400, the pair is trading at 56.84, with oil trading 0.07% higher against the USD from yesterday’s close.

The pair is expected to find support at 56.45, and a fall through could take it to the next support level of 56.06. The pair is expected to find its first resistance at 57.42, and a rise through could take it to the next resistance level of 58.00.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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