Crude Oil: Oil trading higher this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.3% against the USD and closed at USD64.75 per barrel, amid optimism that the Organisation of the Petroleum Exporting Countries and other producers continued their strong adherence to supply cuts.

Separately, the Energy Information Administration (EIA) reported that US crude oil stockpiles unexpectedly rose by 6.8 million barrels to 418.4 million barrels in the week ended 26 January, rising for the first time in 11 weeks.

In the Asian session, at GMT0400, the pair is trading at 64.84, with oil trading 0.1% higher against the USD from yesterday’s close.

The pair is expected to find support at 64.12, and a fall through could take it to the next support level of 63.4. The pair is expected to find its first resistance at 65.28, and a rise through could take it to the next resistance level of 65.72.

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

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