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 3.56% against the USD and closed at USD56.71 per barrel, amid easing US-China trade tensions.

In the Asian session, at GMT0300, the pair is trading at 56.43, with oil trading 0.49% lower against the USD from yesterday’s close, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 3.7 million barrels to 443.0 million barrels in the week ended 09 August 2019.

The pair is expected to find support at 54.60, and a fall through could take it to the next support level of 52.78. The pair is expected to find its first resistance at 57.86, and a rise through could take it to the next resistance level of 59.30.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.