Crude Oil: Oil trading higher in the Asian session, ahead of API’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.62% against the USD and closed at USD50.15 per barrel, after news emerged that the US is considering stepping up sanctions against Venezuela’s vital oil sector, in response to Venezuela’s controversial vote on Sunday.

In the Asian session, at GMT0300, the pair is trading at 50.26, with the oil trading 0.22% higher against the USD from yesterday’s close.

The pair is expected to find support at 49.49, and a fall through could take it to the next support level of 48.72. The pair is expected to find its first resistance at 50.72, and a rise through could take it to the next resistance level of 51.18.

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

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