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 2.44% against the USD and closed at USD53.32 per barrel, amid possibilities of Venezuelan supply disruptions after the US sanctions.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories rose 2.1 million barrels to 445.7 million barrels in the week ended 25 January.

In the Asian session, at GMT0400, the pair is trading at 53.48, with oil trading 0.30% higher against the USD from yesterday’s close.

The pair is expected to find support at 52.27, and a fall through could take it to the next support level of 51.06. The pair is expected to find its first resistance at 54.31, and a rise through could take it to the next resistance level of 55.14.

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

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