Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.47% against the USD and closed at USD53.98 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose less-than-anticipated by 1.3 million barrels to 447.2 million in the week ended 01 February 2019

In the Asian session, at GMT0400, the pair is trading at 53.91, with oil trading 0.13% lower against the USD from yesterday’s close.

The pair is expected to find support at 53.08, and a fall through could take it to the next support level of 52.25. The pair is expected to find its first resistance at 54.52, and a rise through could take it to the next resistance level of 55.13.

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

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