Crude Oil: Oil trading on a weaker footing, ahead of EIA’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.63% against the USD and closed at USD62.84 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 933,000 barrels to 421.2 million barrels in the week ended 23 February.

In the Asian session, at GMT0400, the pair is trading at 62.63, with oil trading 0.33% lower against the USD from yesterday’s close.

The pair is expected to find support at 62.13, and a fall through could take it to the next support level of 61.63. The pair is expected to find its first resistance at 63.53, and a rise through could take it to the next resistance level of 64.43.

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

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