Crude Oil: Oil Trading Higher In The Morning Session, Ahead Of EIA’s Inventory Data

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For the 24 hours to 23:00 GMT, the Crude Oil rose 0.61% against the USD and closed at USD51.44, as expectations of an extension to production cuts by major producers overshadowed a White House proposal to sell half of the US crude reserves.
Meanwhile, the American Petroleum Institute (API) reported that US crude stockpiles fell less-than-expected by 1.5 million barrels to 512.9 million barrels in the last week.
For the 24 hours to 23:00 GMT, the Crude Oil rose 0.61% against the USD and closed at USD51.44, as expectations of an extension to production cuts by major producers overshadowed a White House proposal to sell half of the US crude reserves.
Meanwhile, the American Petroleum Institute (API) reported that US crude stockpiles fell less-than-expected by 1.5 million barrels to 512.9 million barrels in the last week.In the Asian session, at GMT0300, the pair is trading at 51.63, with the Crude Oil trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.87, and a fall through could take it to the next support level of 50.11. The pair is expected to find its first resistance at 52.09, and a rise through could take it to the next resistance level of 52.55.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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