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 rose 2.92% against the USD and closed at USD45.83 per barrel, after the American Petroleum Institute (API) disclosed that US crude oil inventories plunged by 8.1 million barrels to 495.6 million in the week ended 07 July.

Additionally, the Energy Information Agency (EIA) trimmed its forecast for US crude production for 2018 by 1.0% to 9.90 million barrels a day.

In the Asian session, at GMT0300, the pair is trading at 45.74, with the oil trading 0.2% lower against the USD from yesterday’s close.

The pair is expected to find support at 44.42, and a fall through could take it to the next support level of 43.09. The pair is expected to find its first resistance at 46.48, and a rise through could take it to the next resistance level of 47.21.

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

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