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 0.89% against the USD and closed at USD52.39 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 4.1 million barrels for the week ended 04 October 2019.

Meanwhile, the Energy Information Administration (EIA), in its short-term energy outlook lowered its growth forecast for global oil demand to 840,000 barrels per day in 2019 and 1.3 million barrels per day in 2020.

In the Asian session, at GMT0300, the pair is trading at 52.46, with oil trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 51.76, and a fall through could take it to the next support level of 51.05. The pair is expected to find its first resistance at 53.22, and a rise through could take it to the next resistance level of 53.97.

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

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