Crude Oil: Oil extends its gains in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 2.69% against the USD and closed at USD47.38 per barrel, after the Energy Information Administration (EIA) reported a significant drawdown in US crude stockpiles.

The EIA indicated that US crude inventories fell more-than-anticipated by 5.2 million barrels to 522.5 million barrels in the week ended 05 May, recording its biggest weekly decline since December 2016.

In the Asian session, at GMT0300, the pair is trading at 47.55, with the oil trading 0.36% higher from yesterday’s close.

The pair is expected to find support at 46.45, and a fall through could take it to the next support level of 45.34. The pair is expected to find its first resistance at 48.22, and a rise through could take it to the next resistance level of 48.88.

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

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