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 0.56% against the USD and closed at USD60.87 per barrel, amid expectations of relentless rise in US crude output and as the American Petroleum Institute (API) reported that US crude oil inventories climbed by 1.2 million barrels to 428.0 million barrels in the week ended 09 March.

In the Asian session, at GMT0400, the pair is trading at 60.82, with oil trading 0.08% lower against the USD from yesterday’s close.

The pair is expected to find support at 60.07, and a fall through could take it to the next support level of 59.32. The pair is expected to find its first resistance at 61.77, and a rise through could take it to the next resistance level of 62.72.

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

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