Crude Oil: Oil trading marginally higher in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, the Crude Oil declined 0.62% against the USD and closed at USD54.22 per barrel, after the Energy Information Administration (EIA) report showed that US weekly crude oil exports jumped to an all-time high of 2.13 million barrels per day.

Meanwhile, the EIA announced that US crude oil inventories declined by 2.4 million barrels to 454.9 million barrels in the week ended 27 October.

In the Asian session, at GMT0400, the pair is trading at USD54.27 per barrel, with the Crude Oil trading 0.09% higher from yesterday’s close.

The pair is expected to find support at 53.7, and a fall through could take it to the next support level of 53.13. The pair is expected to find its first resistance at 55.03, and a rise through could take it to the next resistance level of 55.79.

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

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