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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.51% against the USD and closed at USD59.20 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories declined by 5.3 million barrels to 474.4 million barrels in the week ended 24 May 2019.

In the Asian session, at GMT0300, the pair is trading at 59.08, with oil trading 0.20% lower against the USD from yesterday’s close.

The pair is expected to find support at 57.55, and a fall through could take it to the next support level of 56.03. The pair is expected to find its first resistance at 59.93, and a rise through could take it to the next resistance level of 60.79.

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

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