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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 3.00% against the USD and closed at USD57.59 per barrel, as Iran tensions eased, after the US Secretary of State, Mike Pompeo, stated that Iran is ready to negotiate on the missile program.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories fell by 1.4 million barrels to 460.0 million barrels in the week ended 12 July 2019.

In the Asian session, at GMT0300, the pair is trading at 57.60, with oil trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 56.43, and a fall through could take it to the next support level of 55.25. The pair is expected to find its first resistance at 59.42, and a rise through could take it to the next resistance level of 61.23.

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

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