Crude Oil: Oil trading on a stronger footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.81% against the USD and closed at USD52.94 per barrel, amid concerns over rising US crude production after the Energy Information Administration (EIA), in its monthly report, indicated that US crude production is still rising and estimated that it is on track to jump to record high in 2018.

However, crude prices pared some of its losses after the EIA reported that US crude stockpiles surprisingly dropped by 2.2 million barrels to 533.2 million barrels in the week ended 7 April 2017.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) disclosed that its members had cut March crude output beyond measures they had promised.

In the Asian session, at GMT0300, the pair is trading at 53.00, with the oil trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 52.55, and a fall through could take it to the next support level of 52.11. The pair is expected to find its first resistance at 53.60, and a rise through could take it to the next resistance level of 54.21.

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

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