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 0.41% against the USD and closed at USD50.95 per barrel, after the Energy Information Administration (EIA) indicated that US crude oil stockpiles surprisingly rose by 1.6 million barrels to 535.5 million barrels in the week ended 31 March.

In the Asian session, at GMT0300, the pair is trading at 50.86, with the oil trading 0.18% lower against the USD from yesterday’s close.

The pair is expected to find support at 50.44, and a fall through could take it to the next support level of 50.02. The pair is expected to find its first resistance at 51.58, and a rise through could take it to the next resistance level of 52.3.

Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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