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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.95% against the USD and closed at USD50.05 per barrel, extending its previous session losses.

Separately, the American Petroleum Institute reported that US crude oil inventories fell by 4.1 million barrels to 465.4 million barrels in the week ended 29 September.

Meanwhile, the OPEC Secretary-General, Mohammad Barkindo, stated that adherence to the crude production deal between OPEC and non-OPEC members is extremely high.

In the Asian session, at GMT0300, the pair is trading at 50.03, with the oil trading a tad lower against the USD from yesterday’s close. Investors await the Energy Information Administration’s crude inventories data due later today.

The pair is expected to find support at 49.72, and a fall through could take it to the next support level of 49.40. The pair is expected to find its first resistance at 50.54, and a rise through could take it to the next resistance level of 51.04.

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

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