Crude Oil: Oil trading higher ahead of EIA’s weekly crude stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 8.34% against the USD and closed at USD26.80 per barrel, as the coronavirus pandemic slowed global economic growth and oil demand. Separately, the American petroleum Institute (API) reported that crude oil inventories fell by 0.4 million barrels in the week ended 13 March 2020.

In the Asian session, at GMT0400, the pair is trading at 27.09, with oil trading 1.08% higher against the USD from yesterday’s close.

The pair is expected to find support at 25.43, and a fall through could take it to the next support level of 23.77. The pair is expected to find its first resistance at 29.53, and a rise through could take it to the next resistance level of 31.96.

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

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