Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.82% against the USD and closed at USD56.96 per barrel, after Saudi Arabia reiterated its decision of reducing output. Additionally, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined by 8.6 million barrels to 445.87 million in the week ended 22 February 2019.

In the Asian session, at GMT0400, the pair is trading at 56.92, with oil trading 0.07% lower against the USD from yesterday’s close.

The pair is expected to find support at 55.96, and a fall through could take it to the next support level of 55.01. The pair is expected to find its first resistance at 57.63, and a rise through could take it to the next resistance level of 58.35.

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

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