Crude Oil: Oil trading on a weaker footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.37% against the USD and closed at USD53.75 per barrel, after the Energy Information Administration (EIA) disclosed that US crude oil inventories rose by 1.5 million barrels to 520.2 million barrels during the last week, advancing for an eighth straight week.

In the Asian session, at GMT0400, the pair is trading at 53.72, with the oil trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 53.42, and a fall through could take it to the next support level of 53.12. The pair is expected to find its first resistance at 54.23, and a rise through could take it to the next resistance level of 54.74.

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

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