Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 6.1% against the USD and closed at 28.34, on the back of bearish report issued by the International Energy Agency (IEA).
The IEA cautioned that oil prices could decline even further as oversupply of crude is set to worsen. Separately, the American Petroleum Institute (API) reported that US oil inventories expanded by 2.4 million barrels in the week ended 05 February.
In the Asian session, at GMT0400, the pair is trading at 28.49, with the oil trading 0.53% higher from yesterday’s close.
The pair is expected to find support at 27.28, and a fall through could take it to the next support level of 26.08. The pair is expected to find its first resistance at 30.15, and a rise through could take it to the next resistance level of 31.82.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
