Crude Oil: Oil trading higher, ahead of EIA’s weekly crude oil inventory data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.19% against the USD and closed at USD53.95 per barrel, after the American Petroleum Institute (API) reported that US crude stockpiles rose 2.5 million barrels to 515.2 million barrels in the week ended 24 February.

In the Asian session, at GMT0400, the pair is trading at 54.11, with the oil trading 0.3% higher against the USD from yesterday’s close.

The pair is expected to find support at 53.45, and a fall through could take it to the next support level of 52.79. The pair is expected to find its first resistance at 54.50, and a rise through could take it to the next resistance level of 54.89.

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

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