For the 24 hours to 23:00 GMT, Crude Oil declined 6.45% against the USD and closed at USD46.16 per barrel, amid concerns over crude oversupply and after the American Petroleum Institute (API) reported that US crude oil inventories rose by 3.5 million barrels to 441.3 million barrels in the week ended 14 December.
In the Asian session, at GMT0400, the pair is trading at 46.38, with oil trading 0.48% higher against the USD from yesterday’s close.
The pair is expected to find support at 44.98, and a fall through could take it to the next support level of 43.59. The pair is expected to find its first resistance at 48.58, and a rise through could take it to the next resistance level of 50.79.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.