Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.77% against the USD and closed at USD57.69 per barrel, after the American Petroleum Institute (API) reported a larger-than-expected draw in US crude oil inventories.
The API indicated that US crude oil inventories fell by 5.2 million barrels to 438.7 million barrels in the week ended 15 December.
In the Asian session, at GMT0400, the pair is trading at 57.72, with oil trading a tad higher against the USD from yesterday’s closes.
The pair is expected to find support at 57.39, and a fall through could take it to the next support level of 57.05. The pair is expected to find its first resistance at 57.93, and a rise through could take it to the next resistance level of 58.13.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
