Crude Oil: Oil trading higher ahead of EIA crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.76% against the USD and closed at USD50.12 per barrel, as slowdown in the number of new coronavirus cases in China eased concerns about the impact of the virus on energy demand. Meanwhile, the US Energy Information Administration cut its global oil demand growth forecast for 2020 by 310,000 barrels per day. Separately, the American Petroleum Institute reported that crude oil inventories rose by 6 million barrels for the week ended 7 February 2020.

In the Asian session, at GMT0400, the pair is trading at 50.63, with oil trading 1.02% higher against the USD from yesterday’s close.

The pair is expected to find support at 49.97, and a fall through could take it to the next support level of 49.30. The pair is expected to find its first resistance at 51.04, and a rise through could take it to the next resistance level of 51.44.

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

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