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 0.42% against the USD and closed at USD71.86 per barrel, weighed down by an unexpected rise in US crude oil inventories.

The Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose 5.8 million barrels to 438.1 million in the week ended 18 May.

In the Asian session, at GMT0300, the pair is trading at 71.68, with oil trading 0.25% lower against the USD from yesterday’s close.

The pair is expected to find support at 71.21, and a fall through could take it to the next support level of 70.74. The pair is expected to find its first resistance at 72.13, and a rise through could take it to the next resistance level of 72.58.

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

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