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 2.09% against the USD and closed at USD49.80 per barrel, led by global efforts to contain crude output and optimism around US-China trade talk. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories dropped by 6.1 million barrels to 437.6 million barrels in the week ended 04 January 2019.

In the Asian session, at GMT0400, the pair is trading at 50.49, with oil trading 1.39% higher against the USD from yesterday’s close.

The pair is expected to find support at 49.08, and a fall through could take it to the next support level of 47.68. The pair is expected to find its first resistance at 51.25, and a rise through could take it to the next resistance level of 52.02.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.