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 declined 3.84% against the USD and closed at USD49.34 per barrel, after data showed a rise in crude inventories at the US storage hub in Cushing, Oklahoma. Further, the Energy Information Administration forecasted that crude-oil production from seven major US shale players will climb by 134,000 barrels a day to 8.166 million barrels a day in January.

In the Asian session, at GMT0400, the pair is trading at 49.23, with oil trading 0.22% lower against the USD from yesterday’s close.

The pair is expected to find support at 48.20, and a fall through could take it to the next support level of 47.18. The pair is expected to find its first resistance at 51.06, and a rise through could take it to the next resistance level of 52.90.

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

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