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 0.86% against the USD and closed at USD46.14 per barrel, after the Energy Information Administration (EIA) lifted its near-term outlook for US crude production.

The EIA expects US crude output averaging 9.31 million barrels a day in 2017, up 1.0% from the previous forecast, while 2018 crude production is estimated to be at a record 9.96 million barrels a day, up from 9.90 million barrels projected last month.

Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories fell sharply by 5.8 million barrels to 522.9 million barrels last week.

In the Asian session, at GMT0300, the pair is trading at 46.21, with the oil trading 0.15% higher from yesterday’s close.

The pair is expected to find support at 45.57, and a fall through could take it to the next support level of 44.92. The pair is expected to find its first resistance at 46.82, and a rise through could take it to the next resistance level of 47.42.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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