Crude Oil: Oil trading marginally lower in the morning session, 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 0.72% against the USD and closed at USD52.32 per barrel.

Meanwhile, the American Petroleum Institute (API) disclosed that US crude oil stockpiles dropped less-than-anticipated by 0.84 million barrels to 531.6 million barrels in the week ended 14 April.

Separately, world’s largest oil producer, Saudi Arabia, tightened February crude oil exports to the lowest since mid-2015. Saudi’s crude exports fell to 6.96 million barrels per day (bpd) in February, from 7.7 million bpd in January.

In the Asian session, at GMT0300, the pair is trading at 52.30, with the oil trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 51.98, and a fall through could take it to the next support level of 51.67. The pair is expected to find its first resistance at 52.73, and a rise through could take it to the next resistance level of 53.17.

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

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