Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.15% against the USD and closed at USD52.96 per barrel, reversing its previous session losses.
Separately, the American Petroleum Institute (API) reported that US crude stockpiles rose more-than-expected by 2.9 million barrels during the last week.
In the Asian session, at GMT0400, the pair is trading at 53.05, with the oil trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 52.63, and a fall through could take it to the next support level of 52.20. The pair is expected to find its first resistance at 53.52, and a rise through could take it to the next resistance level of 53.98.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
