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

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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.60% against the USD and closed at USD50.13 per barrel, amid growing concerns about the impact of coronavirus on energy demand. Moreover, the American Petroleum Institute (API) reported that crude oil inventories rose by 1.3 million barrels for the week ended 21 February 2020.

In the Asian session, at GMT0400, the pair is trading at 50.26, with oil trading 0.26% higher against the USD from yesterday’s close.

The pair is expected to find support at 49.29, and a fall through could take it to the next support level of 48.33. The pair is expected to find its first resistance at 51.62, and a rise through could take it to the next resistance level of 52.99.

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

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