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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.32% against the USD and closed at USD67.74 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose 0.63 million barrels to 409.5 million barrels in the week ended 13 July 2018.

In the Asian session, at GMT0300, the pair is trading at 67.76, with oil trading a tad higher against the USD from yesterday’s close.

The pair is expected to find support at 67.05, and a fall through could take it to the next support level of 66.33. The pair is expected to find its first resistance at 68.46, and a rise through could take it to the next resistance level of 69.15.

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

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