For the 24 hours to 23:00 GMT, Crude Oil rose 1.83% against the USD and closed at USD53.37 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories fell 1.0 million barrels to 449.0 million barrels in the week ended 08 February 2019.
Meanwhile, the Energy Information Administration upgraded its oil production outlook by 2.8% to 12.41 million barrels per day for 2019 and 2.6% to 13.2 million barrels per day for 2020 respectively, while trimmed its 2020 projection by 4.3%.
In the Asian session, at GMT0400, the pair is trading at 53.69, with oil trading 0.60% higher against the USD from yesterday’s close.
The pair is expected to find support at 52.79, and a fall through could take it to the next support level of 51.90. The pair is expected to find its first resistance at 54.32, and a rise through could take it to the next resistance level of 54.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.