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 declined 0.94% against the USD and closed at USD52.84 per barrel, the American Petroleum Institute (API) reported that US crude oil inventories climbed by 4.9 million barrels to 482.8 million barrels in the week ended 07 June 2019.

Meanwhile, the Energy Information Administration, in its Short-term Energy Outlook, lowered its 2019 domestic crude production outlook by 1% to 12.32 million barrels a day and 2020 output projection by 0.9% to 3.26 million barrels a day.

In the Asian session, at GMT0300, the pair is trading at 52.37, with oil trading 0.89% lower against the USD from yesterday’s close.

The pair is expected to find support at 51.79, and a fall through could take it to the next support level of 51.20. The pair is expected to find its first resistance at 53.50, and a rise through could take it to the next resistance level of 54.62.

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

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