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 2.73% against the USD and closed at USD65.46 per barrel, after the Energy Information Administration (EIA) reported a surprise draw in US crude oil inventories.

The EIA indicated that US crude oil stockpiles fell 2.6 million barrels to 428.31 million barrels in the week ended 16 March.

In the Asian session, at GMT0400, the pair is trading at 65.23, with oil trading 0.35% lower against the USD from yesterday’s close.

The pair is expected to find support at 63.96, and a fall through could take it to the next support level of 62.69. The pair is expected to find its first resistance at 66.12, and a rise through could take it to the next resistance level of 67.01.

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

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