For the 24 hours to 23:00 GMT, Crude Oil declined 1.39% against the USD and closed at USD45.34 per barrel, amid ongoing worries over global economic growth and excess supply. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories rose 6.9 million barrels to 448.2 million barrels in the week ended 21 December.
In the Asian session, at GMT0400, the pair is trading at 45.57, with oil trading 0.51% higher against the USD from yesterday’s close.
The pair is expected to find support at 44.50, and a fall through could take it to the next support level of 43.43. The pair is expected to find its first resistance at 46.51, and a rise through could take it to the next resistance level of 47.45.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.