Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Thu Feb 16 17 02:32 ET
For the 24 hours to 23:00 GMT, Crude Oil rose 0.06% against the USD and closed at USD53.01 per barrel. However, gains in crude prices were kept in check as the Energy Information Administration (EIA) reported that US crude stockpiles jumped 9.5 million barrels to 518.1 million barrels during the week ended 10 February.
In the Asian session, at GMT0400, the pair is trading at 53.06, with the oil trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 52.69, and a fall through could take it to the next support level of 52.32. The pair is expected to find its first resistance at 53.47, and a rise through could take it to the next resistance level of 53.88.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
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