Crude Oil: Oil trading higher, ahead of EIA’s weekly crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.14% against the USD and closed at USD42.68 per barrel. The American Petroleum Institute (API) reported that crude oil inventories fell by 4.3 million barrels for the week ended 14 August 2020.

In the Asian session, at GMT0300, the pair is trading at 42.72, with oil trading 0.09% higher against the USD from yesterday’s close.

The pair is expected to find support at 42.22, and a fall through could take it to the next support level of 41.73. The pair is expected to find its first resistance at 43.10, and a rise through could take it to the next resistance level of 43.49.

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

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