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 0.78% against the USD and closed at USD74.56 per barrel, amid concerns over global supply shortage and US sanctions against Iran.

Moreover, the American Petroleum Institute (API) reported that US crude oil inventories fell by 4.5 million barrels to 416.9 million barrels in the week ended 29 June.

In the Asian session, at GMT0300, the pair is trading at 74.64, with oil trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 73.16, and a fall through could take it to the next support level of 71.67. The pair is expected to find its first resistance at 75.70, and a rise through could take it to the next resistance level of 76.75.

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

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