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 0.13% against the USD and closed at USD52.75 per barrel. However, gains in crude prices were trimmed after the American Petroleum Institute (API) disclosed that US crude oil inventories rose by 5.8 million barrels to 488.0 million barrels in the week ended 27 January 2017.

In the Asian session, at GMT0400, the pair is trading at 52.69, with the oil trading 0.11% lower from yesterday’s close.

The pair is expected to find support at 52.10, and a fall through could take it to the next support level of 51.51. The pair is expected to find its first resistance at 53.42, and a rise through could take it to the next resistance level of 54.15.

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

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