Crude Oil: Oil trading lower, ahead of API’s weekly crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.14% against the USD and closed at USD55.94 per barrel, amid OPEC-led production cuts, decline in crude oil supplies and optimism over

US-China trade talks.

In the Asian session, at GMT0400, the pair is trading at 55.74, with oil trading 0.36% lower against the USD from yesterday’s close amid fears that slowing economic growth will lower the demand for crude oil.

The pair is expected to find support at 55.44, and a fall through could take it to the next support level of 55.15. The pair is expected to find its first resistance at 56.18, and a rise through could take it to the next resistance level of 56.63.

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

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