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 1.80% against the USD and closed at USD46.97 per barrel, after the American Petroleum Institute (API) reported that crude oil inventories rose by 1.7 million barrels last week.

In the Asian session, at GMT0400, the pair is trading at 47.90, with oil trading 1.98% higher against the USD from yesterday’s close, on hopes that major oil producers have moved closer to an agreement to implement deeper output cuts.

The pair is expected to find support at 46.69, and a fall through could take it to the next support level of 45.49. The pair is expected to find its first resistance at 48.88, and a rise through could take it to the next resistance level of 49.87.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.