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 1.99% against the USD and closed at USD53.73 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories climbed by 2.5 million barrels to 448.2 million barrels in the week ended 01 February 2019.

In the Asian session, at GMT0400, the pair is trading at 53.59, with oil trading 0.26% lower against the USD from yesterday’s close, amid continuing concerns over global energy demand.

The pair is expected to find support at 52.97, and a fall through could take it to the next support level of 52.35. The pair is expected to find its first resistance at 54.71, and a rise through could take it to the next resistance level of 55.83.

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

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