For the 24 hours to 23:00 GMT, Crude Oil rose 0.28% against the USD and closed at USD53.64 per barrel, after the US government reported a less-than-expected weekly rise in crude supplies. The US Energy Information Administration (EIA) reported that crude oil inventories rose by 0.4mn bls in the week ended 14 February 2020.
In the Asian session, at GMT0400, the pair is trading at 53.57, with oil trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 53.07, and a fall through could take it to the next support level of 52.58. The pair is expected to find its first resistance at 54.36, and a rise through could take it to the next resistance level of 55.16.
Crude oil is trading between 20 Hr and 50 Hr moving averages.