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 3.70% against the USD and closed at USD65.59 per barrel, as tensions surrounding Syria stoked concerns over disruptions to Middle East crude output.

Separately, the American Petroleum Institute (API) indicated that US crude oil inventories rose by 1.8 million barrels to 429.1 million barrels in the week to 06 April.

In the Asian session, at GMT0300, the pair is trading at 65.38, with oil trading 0.32% lower against the USD from yesterday’s close.

The pair is expected to find support at 63.90, and a fall through could take it to the next support level of 62.42. The pair is expected to find its first resistance at 66.36, and a rise through could take it to the next resistance level of 67.34.

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

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