Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.44% against the USD and closed at USD57.16 per barrel, after the Energy Information Administration, in its short-term Energy outlook, lowered its projections for US crude production growth. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories fell by 2.6 million barrels in the week ended 08 March 2019.
In the Asian session, at GMT0400, the pair is trading at 57.12, with oil trading 0.07% lower against the USD from yesterday’s close.
The pair is expected to find support at 56.73, and a fall through could take it to the next support level of 56.34. The pair is expected to find its first resistance at 57.53, and a rise through could take it to the next resistance level of 57.94.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.