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 1.47% against the USD and closed at USD62.20 per barrel, amid escalating tensions in the Middle East.

Separately, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 5.4 million barrels to 472.0 million barrels in the week ended 10 May 2019, hitting its highest level since September 2017.

In the Asian session, at GMT0300, the pair is trading at 62.41, with oil trading 0.34% higher against the USD from yesterday’s close.

The pair is expected to find support at 61.32, and a fall through could take it to the next support level of 60.24. The pair is expected to find its first resistance at 63.02, and a rise through could take it to the next resistance level of 63.64.

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

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