Crude Oil: Oil trading lower in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.06% against the USD and closed at USD62.44 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles advanced by 7.2 million barrels to 449.5 million barrels in the week ended 29 March 2019.

In the Asian session, at GMT0300, the pair is trading at 62.42, with oil trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 61.98, and a fall through could take it to the next support level of 61.55. The pair is expected to find its first resistance at 62.92, and a rise through could take it to the next resistance level of 63.43.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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