Crude Oil: Oil trading marginally lower, ahead of EIA’s crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.81% against the USD and closed at USD52.01 per barrel.

Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories rose 3.5 million barrels to 442.7 million barrels in the week ended 23 November.

In the Asian session, at GMT0400, the pair is trading at 51.99, with oil trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 50.73, and a fall through could take it to the next support level of 49.48. The pair is expected to find its first resistance at 52.81, and a rise through could take it to the next resistance level of 53.64.

Going ahead, investors will keep a close watch on the weekly crude inventories data from the Energy Information Administration (EIA), due later in the day.

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

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