Crude Oil: Oil trading higher in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.64% against the USD and closed at USD47.27 per barrel. The US Energy Information Administration (EIA) reported that crude oil inventories rose by 785,000 bls in the week ended 28 February 2020.

In the Asian session, at GMT0400, the pair is trading at 47.36, with oil trading 0.19% higher against the USD from yesterday’s close, ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.

The pair is expected to find support at 46.54, and a fall through could take it to the next support level of 45.71. The pair is expected to find its first resistance at 48.30, and a rise through could take it to the next resistance level of 49.23.

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

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