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 1.34% against the USD and closed at USD64.35 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories unexpectedly fell by 3.1 million barrels to 452.7 million barrels in the week ended 12 April 2019.

In the Asian session, at GMT0300, the pair is trading at 64.50, with oil trading 0.23% higher against the USD from yesterday’s close.

The pair is expected to find support at 63.48, and a fall through could take it to the next support level of 62.46. The pair is expected to find its first resistance at 65.03, and a rise through could take it to the next resistance level of 65.56.

Going ahead, investors will keep a close watch on the weekly crude inventories data from the Energy Information Administration (EIA), due later in the day.

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

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