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 1.6% against the USD and closed at USD61.66 per barrel, after data indicated a larger-than-expected rise in US crude oil inventories last week.

The Energy Information Administration (EIA) reported that US crude oil stockpiles jumped by 3.0 million barrels to 423.5 million barrels during the week ended 23 February.

In the Asian session, at GMT0400, the pair is trading at 61.70, with oil trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 60.89, and a fall through could take it to the next support level of 60.09. The pair is expected to find its first resistance at 62.97, and a rise through could take it to the next resistance level of 64.25.

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

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