Crude Oil: Oil trading higher in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.33% against the USD and closed at USD51.36 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles dropped less-than-expected by 1.2 million barrels to 442.0 million in the week ended 07 December.

In the Asian session, at GMT0400, the pair is trading at 51.39, with oil trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 50.59, and a fall through could take it to the next support level of 49.80. The pair is expected to find its first resistance at 52.53, and a rise through could take it to the next resistance level of 53.68.

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

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

Comments are closed.