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 rose 2.16% against the USD and closed at USD41.57 per barrel, after the American Petroleum Institute (API) reported that crude oil inventories fell by 8.6 million barrels for the week ended 31 July 2020.

In the Asian session, at GMT0300, the pair is trading at 41.67, with oil trading 0.24% higher against the USD from yesterday’s close.

The pair is expected to find support at 40.51, and a fall through could take it to the next support level of 39.36. The pair is expected to find its first resistance at 42.45, and a rise through could take it to the next resistance level of 43.24.

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

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