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 1.28% against the USD and closed at USD62.48 per barrel, amid signs of tightening crude oil supplies and easing concerns over global economic growth.

Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories climbed by 3.0 million barrels in the week ended 29 March 2019.

In the Asian session, at GMT0300, the pair is trading at 62.85, with oil trading 0.59% higher against the USD from yesterday’s close.

The pair is expected to find support at 62.00, and a fall through could take it to the next support level of 61.15. The pair is expected to find its first resistance at 63.30, and a rise through could take it to the next resistance level of 63.75.

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

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