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Crude Oil: Oil Trading Higher, Ahead Of EIA's Weekly Crude Oil Inventory Data Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Wed Jan 11 17 02:51 ET

For the 24 hours to 23:00 GMT, Crude Oil declined 1.91% against the USD and closed at USD50.90 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 1.5 million barrels last week.

Separately, Iraqi Oil Minister, Jabar Ali al-Luaibi, confirmed that Iraq has trimmed its oil production by 160,000 barrels a day since the start of January, in compliance with OPEC's deal to curb production.

In the Asian session, at GMT0400, the pair is trading at 50.97, with the oil trading 0.14% higher from yesterday's close.

The pair is expected to find support at 50.33, and a fall through could take it to the next support level of 49.69. The pair is expected to find its first resistance at 51.99, and a rise through could take it to the next resistance level of 53.01.

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

GCI Financial

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