Crude Oil: Oil trading higher ahead of the EIA crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.52% against the USD and closed at USD49.59 per barrel, amid mounting fears over the impact of coronavirus outbreak on oil demand. Additionally, the American Petroleum Institute reported that crude oil inventories rose by 4.2 million barrels for the week ended 31 January.

In the Asian session, at GMT0400, the pair is trading at 50.14, with oil trading 1.11% higher against the USD from yesterday’s close, amid reports that the OPEC and its allies might consider cutting crude output to counter reducing energy demand due to the impact of coronavirus.

The pair is expected to find support at 49.12, and a fall through could take it to the next support level of 48.09. The pair is expected to find its first resistance at 51.36, and a rise through could take it to the next resistance level of 52.57.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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