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 7.74% against the USD and closed at USD34.38 per barrel, amid hopes of economic stimulus and after Russia hinted at further talks with Saudi Arabia. Separately, the American Petroleum Institute (API) reported that crude oil inventories climbed by 6.4mn bls in the week ended 6 March 2020.

In the Asian session, at GMT0400, the pair is trading at 35.23, with oil trading 2.47% higher against the USD from yesterday’s close.

The pair is expected to find support at 32.56, and a fall through could take it to the next support level of 29.88. The pair is expected to find its first resistance at 37.13, and a rise through could take it to the next resistance level of 39.02.

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

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