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 2.55% against the USD and closed at USD48.61 per barrel, amid easing concerns over mounting US crude inventories as refineries, which were destroyed by the Hurricane Harvey, are rapidly ramping up capacity.

In the Asian session, at GMT0300, the pair is trading at 48.56, with the oil trading 0.1% lower against the USD from yesterday’s close.

The pair is expected to find support at 47.63, and a fall through could take it to the next support level of 46.69. The pair is expected to find its first resistance at 49.24, and a rise through could take it to the next resistance level of 49.91.

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

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