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 1.77% against the USD and closed at USD51.16 per barrel, after the American Petroleum Institute (API) reported a draw of 1.83 million barrels in US crude oil inventories to 533.7 million barrels in the week ended 31 March 2017.

In the Asian session, at GMT0300, the pair is trading at 51.28, with the oil trading 0.23% higher against the USD from yesterday’s close.

The pair is expected to find support at 50.34, and a fall through could take it to the next support level of 49.40. The pair is expected to find its first resistance at 51.76, and a rise through could take it to the next resistance level of 52.24.

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

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