Crude Oil: Oil trading slightly higher in the Asian session

Crude Oil: Oil trading slightly higher in the Asian session


Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.21% against the USD and closed at USD56.88 per barrel, on the back of a surprise build in US crude oil inventories.

The Energy Information Administration (EIA) disclosed that US crude oil stockpiles unexpectedly rose 2.2 million barrels to 457.1 million barrels in the week ended 03 November.

In the Asian session, at GMT0400, the pair is trading at 56.90, with the oil trading a tad higher against the USD from yesterday’s close.

The pair is expected to find support at 56.23, and a fall through could take it to the next support level of 55.57. The pair is expected to find its first resistance at 57.74, and a rise through could take it to the next resistance level of 58.59.

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

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