Wed, Jan 20, 2021 @ 23:16 GMT
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Crude Oil: Oil Trading Higher, Ahead of EIA’s Weekly Crude Oil Stockpiles Data

For the 24 hours to 23:00 GMT, Crude Oil declined 1.09% against the USD and closed at USD41.57 per barrel.

In the Asian session, at GMT0300, the pair is trading at 41.66, with oil trading 0.22% higher against the USD from yesterday’s close, after the American Petroleum Institute (API) reported that crude oil inventories dropped by 4.4 million barrels for the week ended 7 August 2020.

The pair is expected to find support at 41.11, and a fall through could take it to the next support level of 40.57. The pair is expected to find its first resistance at 42.57, and a rise through could take it to the next resistance level of 43.49.

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

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