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 surged 2.27% against the USD and closed at USD65.82 per barrel for the first time in more than three years, after data showed a tenth straight weekly drop in US crude oil stockpiles.

The Energy Information Administration (EIA) reported that US crude oil inventories fell by 1.1 million barrels to 411.6 million barrels, hitting its lowest since February 2015.

In the Asian session, at GMT0400, the pair is trading at 66.23, with oil trading 0.62% higher against the USD from yesterday’s close.

The pair is expected to find support at 64.95, and a fall through could take it to the next support level of 63.68. The pair is expected to find its first resistance at 66.91, and a rise through could take it to the next resistance level of 67.60.

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

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