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 2.25% against the USD and closed at USD56.07 per barrel, after the Energy Information Administration (EIA) report showed a decrease in US crude oil stockpiles, but an unexpected massive build in gasoline inventories.

The EIA indicated that US crude oil inventories fell by 5.6 million barrels to 448.1 million barrels in the week ended 01 December.

In the Asian session, at GMT0400, the pair is trading at 56.16, with oil trading 0.16% higher against the USD from yesterday’s close.

The pair is expected to find support at 55.50, and a fall through could take it to the next support level of 54.83. The pair is expected to find its first resistance at 57.20, and a rise through could take it to the next resistance level of 58.23.

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

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