Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.18% against the USD and closed at USD56.18 per barrel, after the Energy Information Administration (EIA) reported that US crude oil inventories climbed 7.1 million barrels to 452.9 million barrels in the week ended 01 March.

In the Asian session, at GMT0400, the pair is trading at 56.37, with oil trading 0.34% higher against the USD from yesterday’s close, amid ongoing OPEC-led supply cuts and US sanctions against Venezuela and Iran.

The pair is expected to find support at 55.70, and a fall through could take it to the next support level of 55.04. The pair is expected to find its first resistance at 56.75, and a rise through could take it to the next resistance level of 57.14.

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

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