Crude Oil: Oil trading on a stronger footing in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.11% against the USD and closed at USD53.96 per barrel, after Saudi Arabia decided to maintain crude oil output at 9.8 million barrels per day by trimming an additional output of 0.5 million barrels per day in March. Additionally, the International Energy Agency, in its monthly report, indicated that the global supply dropped by 1.54 million to 99.7 million barrels per day in January.

Separately, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles advanced by 3.6 million barrels to 450.8 million in the week ended 08 February 2019, notching its highest level in one year.

In the Asian session, at GMT0400, the pair is trading at 54.17, with oil trading 0.39% higher against the USD from yesterday’s close.

The pair is expected to find support at 53.43, and a fall through could take it to the next support level of 52.68. The pair is expected to find its first resistance at 54.76, and a rise through could take it to the next resistance level of 55.34.

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

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