Crude Oil: Oil trading on a stronger footing, ahead of API’s weekly crude inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.97% against the USD and closed at USD57.41 per barrel, amid concerns over rising US crude production, after the US drillers added more oil rigs last week.

In the Asian session, at GMT0400, the pair is trading at 57.59, with oil trading 0.31% higher against the USD from yesterday’s close.

The pair is expected to find support at 57.29, and a fall through could take it to the next support level of 56.98. The pair is expected to find its first resistance at 57.96, and a rise through could take it to the next resistance level of 58.32.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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