Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.90% against the USD and closed at USD59.33 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles unexpectedly advanced 2.8 million barrels to 442.3 million in the week ended 22 March 2019.

In the Asian session, at GMT0400, the pair is trading at 59.22, with oil trading 0.19% lower against the USD from yesterday’s close.

The pair is expected to find support at 58.61, and a fall through could take it to the next support level of 58.01. The pair is expected to find its first resistance at 60.02, and a rise through could take it to the next resistance level of 60.83.

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

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/032719-analysis-us-crude-supply-adds-barrels-as-refinery-runs-exports-slow

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