Crude Oil: Oil trading on a stronger footing this morning, ahead of EIA’s crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.45% against the USD and closed at USD53.37 per barrel, after the American Petroleum Institute (API) reported a surprise draw of 1.3 million barrels in the US crude oil inventories last week, bringing the total to 532.4 million barrels.

Gains in crude prices were supported further after news emerged that Saudi Arabia, the world’s largest oil producer, wants to extend OPEC’s production cut agreement for another six months.

In the Asian session, at GMT0300, the pair is trading at 53.53, with the oil trading 0.3% higher against the USD from yesterday’s close.

The pair is expected to find support at 52.95, and a fall through could take it to the next support level of 52.38. The pair is expected to find its first resistance at 53.85, and a rise through could take it to the next resistance level of 54.18.

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

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