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 0.35% against the USD and closed at USD59.58 per barrel.

However, losses in crude prices were limited, after the American Petroleum Institute (API) reported a draw of 6.0 million barrels to 432.8 million barrels in the US crude oil inventories during the week ended 22 December.

In the Asian session, at GMT0400, the pair is trading at 59.71, with oil trading 0.22% higher against the USD from yesterday’s close.

The pair is expected to find support at 59.38, and a fall through could take it to the next support level of 59.06. The pair is expected to find its first resistance at 59.98, and a rise through could take it to the next resistance level of 60.26.

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

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