Crude Oil: Oil trading higher, ahead of the EIA’s weekly crude oil inventory data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.12% against the USD and closed at USD48.44 per barrel, after the American Petroleum Institute (API) disclosed that US crude oil inventories surprisingly fell 0.53 million barrels to 526.3 million barrels in the week ended 10 March.

However, gains in oil prices were trimmed, after the Organisation of the Petroleum Exporting Countries (OPEC), in its latest monthly report, indicated a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia.

In the Asian session, at GMT0400, the pair is trading at 48.54, with the oil trading 0.21% higher against the USD from yesterday’s close.

The pair is expected to find support at 47.46, and a fall through could take it to the next support level of 46.39. The pair is expected to find its first resistance at 49.24, and a rise through could take it to the next resistance level of 49.95.

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

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