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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 2.12% against the USD and closed at USD52.05 per barrel, amid sudden disruptions in Libya’s output. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories declined by 10.2 million barrels to 438.0 million barrels in the week ended 07 December.

In the Asian session, at GMT0400, the pair is trading at 52.23, with oil trading 0.35% higher against the USD from yesterday’s close.

The pair is expected to find support at 51.14, and a fall through could take it to the next support level of 50.06. The pair is expected to find its first resistance at 52.87, and a rise through could take it to the next resistance level of 53.52.

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

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