Crude Oil: Oil trading higher, ahead of EIA’s weekly crude oil inventories data and Baker Hughes weekly rig count

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 2.58% against the USD and closed at USD46.91 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories fell by 4.5 million barrels to 443.7 million barrels in the week ended 28 December.

In the Asian session, at GMT0400, the pair is trading at 47.16, with oil trading 0.53% higher against the USD from yesterday’s close.

The pair is expected to find support at 45.84, and a fall through could take it to the next support level of 44.53. The pair is expected to find its first resistance at 47.98, and a rise through could take it to the next resistance level of 48.81.

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

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