Oil N' Gold - Resources for Serious Traders
Energy and Precious Metals Commentaries
Oil Trading Higher, Ahead Of API's Weekly Crude Oil Inventories Data Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Tue Feb 13 18 02:50 ET

For the 24 hours to 23:00 GMT, Crude Oil declined 0.82% against the USD and closed at USD59.39 per barrel, after the Energy Information Administration (EIA) forecasted that shale crude-oil production from seven major US oil plays would rise by 110,000 barrels per day (bpd) to 6.756 million bpd in March.

Additionally, the Organisation of the Petroleum Exporting Countries (OPEC) raised its crude supply forecast for 2018, citing a boom in US shale oil production.

In the Asian session, at GMT0400, the pair is trading at 59.65, with oil trading 0.44% higher against the USD from yesterday's close.

The pair is expected to find support at 58.96, and a fall through could take it to the next support level of 58.28. The pair is expected to find its first resistance at 60.58, and a rise through could take it to the next resistance level of 61.52.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

GCI Financial

DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

 

Latest Analysis from this Author