Crude Oil: Oil trading on a stronger footing, ahead of EIA’s weekly crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.57% against the USD and closed at USD65.34 per barrel, amid reports that the US government asked Saudi Arabia and some other OPEC producers to increase oil output by 1.0 million barrels per day. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories fell by 2.0 million barrels to 432.8 million barrels in the week ended 01 June.

In the Asian session, at GMT0300, the pair is trading at 65.67, with oil trading 0.51% higher against the USD from yesterday’s close.

The pair is expected to find support at 64.68, and a fall through could take it to the next support level of 63.69. The pair is expected to find its first resistance at 66.2, and a rise through could take it to the next resistance level of 66.73.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.