Crude Oil: Oil trading lower, 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 0.38% against the USD and closed at USD57.37 per barrel, amid reports that the European Union backed a decision by the French government to sanction Iranian nationals linked to a bomb plot in France.

In the Asian session, at GMT0400, the pair is trading at 57.08, with oil trading 0.51% lower against the USD from yesterday’s close, amid surge in US crude oil production.

The pair is expected to find support at 55.71, and a fall through could take it to the next support level of 54.35. The pair is expected to find its first resistance at 58.01, and a rise through could take it to the next resistance level of 58.95.

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

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