Crude Oil: Oil trading lower, ahead of EIA’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.29% against the USD and closed at USD48.28 per barrel, after the International Energy Agency (IEA) warned that an extension to the OPEC-led production cut agreement would not be enough to rebalance the global crude market.

Additionally, the American Petroleum Institute (API) disclosed that US crude oil stockpiles surprisingly rose 0.9 million barrels to 523.4 million barrels in the week ended 12 May.

In the Asian session, at GMT0300, the pair is trading at 48.20, with the oil trading 0.17% lower from yesterday’s close.

The pair is expected to find support at 47.69, and a fall through could take it to the next support level of 47.19. The pair is expected to find its first resistance at 49.04, and a rise through could take it to the next resistance level of 49.89.

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

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