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 0.05% against the USD and closed at USD58.95 per barrel, after major global crude oil producers continued to curb oil output.

Separately, the American Petroleum Institute reported that US crude oil inventories declined by 2.1 million barrels to 446.8 million barrels in the week ended 15 March 2019.

In the Asian session, at GMT0400, the pair is trading at 58.89, with oil trading 0.10% lower against the USD from yesterday’s close.

The pair is expected to find support at 58.48, and a fall through could take it to the next support level of 58.08. The pair is expected to find its first resistance at 59.43, and a rise through could take it to the next resistance level of 59.98.

Going ahead, investors will keep a close watch on the weekly crude inventories data from the Energy Information Administration (EIA), due later in the day.

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

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