Crude Oil: Oil trading lower ahead of EIA’s weekly crude inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 2.67% against the USD and closed at USD53.49 per barrel, after the US imposed tough sanctions on an arm of Russian oil company, Rosneft, raising oil supply concerns. Separately, the American Petroleum Institute (API) reported that crude oil inventories rose by 4.2mn bls last week.

In the Asian session, at GMT0400, the pair is trading at 53.45, with oil trading 0.07% lower against the USD from yesterday’s close.

The pair is expected to find support at 52.44, and a fall through could take it to the next support level of 51.43. The pair is expected to find its first resistance at 54.18, and a rise through could take it to the next resistance level of 54.91.

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

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