Crude Oil: Oil trading higher ahead of EIA’s weekly crude inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.23% against the USD and closed at USD24.64 per barrel, oil settled high, amid expectations that the US government would approve a $2 trillion economic relief package. Additionally, the American Petroleum Institute (API) reported that crude oil inventories declined by 1.25 million barrels last week.

In the Asian session, at GMT0400, the pair is trading at 24.78, with oil trading 0.57% higher against the USD from yesterday’s close.

The pair is expected to find support at 23.50, and a fall through could take it to the next support level of 22.22. The pair is expected to find its first resistance at 25.65, and a rise through could take it to the next resistance level of 26.52.

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

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