Crude Oil: Oil trading higher in the morning session ahead of EIA’s weekly crude inventory data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, the Crude Oil rose 0.89% against the USD and closed at USD54.56 per barrel, after the American Petroleum Institute reported that US crude oil stockpiles declined 5.1 million barrels to 456.8 million for the week ended 27 October.

In the Asian session, at GMT0400, the pair is trading at USD54.62 per barrel, with the Crude Oil trading 0.11% higher from yesterday’s close, following the release of China’s Caixin manufacturing PMI for October and as reports showed that OPEC’s crude output fell by 80,000 barrels per day to 32.78 million barrels a day in October.

The pair is expected to find support at 54.08, and a fall through could take it to the next support level of 53.54. The pair is expected to find its first resistance at 55.00, and a rise through could take it to the next resistance level of 55.38.

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

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