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 declined 4.95% against the USD and closed at USD58.80 per barrel, after Saudi Arabia’s Energy Minister Prince, Abdulaziz bin Salman, pledged to rebuild its lost oil production by the end of the month.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories unexpectedly advanced by 0.6 million barrels in the week ended 13 September 2019.

In the Asian session, at GMT0300, the pair is trading at 58.99, with oil trading 0.32% higher against the USD from yesterday’s close.

The pair is expected to find support at 57.44, and a fall through could take it to the next support level of 55.88. The pair is expected to find its first resistance at 61.57, and a rise through could take it to the next resistance level of 64.14.

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

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