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 0.57% against the USD and closed at USD61.30 per barrel, amid worries over crude oil supplies, following reports of attacks on major Saudi facilities.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories climbed by 8.6 million barrels to 477.8 million barrels in the week ended 10 May 2019.

In the Asian session, at GMT0300, the pair is trading at 61.42, with oil trading 0.20% higher against the USD from yesterday’s close.

The pair is expected to find support at 60.70, and a fall through could take it to the next support level of 59.99. The pair is expected to find its first resistance at 62.12, and a rise through could take it to the next resistance level of 62.83.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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