Crude Oil: Oil trading on a stronger footing, 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 2.24% against the USD and closed at USD63.75 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 3.2 million barrels to 419.4 million barrels last week.

In the Asian session, at GMT0400, the pair is trading at 63.97, with oil trading 0.35% higher against the USD from yesterday’s close.

The pair is expected to find support at 63.35, and a fall through could take it to the next support level of 62.73. The pair is expected to find its first resistance at 64.91, and a rise through could take it to the next resistance level of 65.85.

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

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