Crude Oil: Oil trading higher in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.85% against the USD and closed at USD60.04 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles tumbled 9.6 million barrels to 439.5 million barrels in the week ended 15 March 2019.

In the Asian session, at GMT0400, the pair is trading at 60.19, with oil trading 0.25% higher against the USD from yesterday’s close.

The pair is expected to find support at 59.07, and a fall through could take it to the next support level of 57.96. The pair is expected to find its first resistance at 60.79, and a rise through could take it to the next resistance level of 61.40.

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

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