Crude Oil: Oil trading lower in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 2.71% against the USD and closed at USD47.41 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 0.5 million barrels to 441.5 million in the week ended 14 December.

In the Asian session, at GMT0400, the pair is trading at 47.28, with oil trading 0.27% lower against the USD from yesterday’s close.

The pair is expected to find support at 46.25, and a fall through could take it to the next support level of 45.21. The pair is expected to find its first resistance at 48.34, and a rise through could take it to the next resistance level of 49.39.

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

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