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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.68% against the USD and closed at USD52.86 per barrel, after the American Petroleum Institute (API) reported that US crude stockpiles jumped 11.6 million barrels to 526.8 million barrels in the week ended 03 March 2017.

In the Asian session, at GMT0400, the pair is trading at 52.84, with the oil trading slightly lower from yesterday’s close.

The pair is expected to find support at 52.43, and a fall through could take it to the next support level of 52.03. The pair is expected to find its first resistance at 53.52, and a rise through could take it to the next resistance level of 54.21.

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

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