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 0.47% against the USD and closed at USD66.13 per barrel, after the US warned of consequences to the countries that would violate its oil ban on Iran.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories advanced more-than-expected by 6.9 million barrels to 459.6 million barrels in the week ended 19 April 2019.

In the Asian session, at GMT0300, the pair is trading at 65.92, with oil trading 0.32% lower against the USD from yesterday’s close.

The pair is expected to find support at 65.47, and a fall through could take it to the next support level of 65.01. The pair is expected to find its first resistance at 66.49, and a rise through could take it to the next resistance level of 67.05.

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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