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 1.06% against the USD and closed at USD49.59 per barrel, after data indicated a substantial draw in US crude oil inventories.

The Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell more-than-expected by 6.5 million barrels to 475.4 million barrels last week.

In the Asian session, at GMT0300, the pair is trading at 49.53, with the oil trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 49.06, and a fall through could take it to the next support level of 48.59. The pair is expected to find its first resistance at 49.86, and a rise through could take it to the next resistance level of 50.19.

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

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