Commodity Morning Session-Crude Oil: Oil Trading Higher Ahead Of EIA’s Inventory Data

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. Commodity Morning Session
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. Originally posted on www.forexnews.gcitrading.com

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