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 0.36% against the USD and closed at USD57.91 per barrel, after the departure of National Security advisor John Bolton spurred hopes for ease in tensions between the US and Iran, thereby resulting into a possible increase in oil output.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories fell by 7.2 million barrels to 421.9 million barrels in the week ended 06 September 20149.

In the Asian session, at GMT0300, the pair is trading at 57.80, with oil trading 0.19% lower against the USD from yesterday’s close.

The pair is expected to find support at 57.08, and a fall through could take it to the next support level of 56.36. The pair is expected to find its first resistance at 58.64, and a rise through could take it to the next resistance level of 59.48.

Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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