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 rose 1.66% against the USD and closed at USD49.08 per barrel, after the Energy Information Administration (EIA) reported a drop in US crude oil inventories for sixth straight week.

The EIA disclosed that US crude oil stockpiles declined by 1.8 million barrels to 520.8 million barrels in the week ended 12 May.

In the Asian session, at GMT0300, the pair is trading at 48.94, with the oil trading 0.29% lower from yesterday’s close.

The pair is expected to find support at 48.19, and a fall through could take it to the next support level of 47.45. The pair is expected to find its first resistance at 49.59, and a rise through could take it to the next resistance level of 50.25.

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

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