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

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

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 4.68% against the USD and closed at USD31.74 per barrel.

In the Asian session, at GMT0300, the pair is trading at 31.92, with oil trading 0.57% higher against the USD from yesterday’s close, after the American Petroleum Institute (API) reported that crude oil inventories fell by 4.8 million barrels to 521.3 million barrels for the week ended 15 May 2020.

The pair is expected to find support at 31.13, and a fall through could take it to the next support level of 30.34. The pair is expected to find its first resistance at 32.71, and a rise through could take it to the next resistance level of 33.50.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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