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 2.01% against the USD and closed at USD49.27 per barrel, after the International Energy Agency (IEA) lifted its demand outlook for oil in 2017.

The IEA, in its monthly report, revised up its 2017 global oil demand growth projection by 1.6 million barrels per day (bpd) from 1.5 million bpd to 97.7 million bpd.

However, gains in crude prices were capped, after the Energy Information Administration (EIA) indicated that US crude oil stockpiles rose by 5.9 million barrels to 468.2 million barrels in the week ended 08 September.

In the Asian session, at GMT0300, the pair is trading at 49.21, with the oil trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 48.42, and a fall through could take it to the next support level of 47.63. The pair is expected to find its first resistance at 49.7, and a rise through could take it to the next resistance level of 50.19.

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

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