For the 24 hours to 23:00 GMT, Crude Oil tumbled 4.94% against the USD and closed at USD50.25 per barrel, after the Energy Information Administration (EIA) recorded a build of 8.21 million barrels in US crude inventories to 528.4 million barrels in the week ended 03 March 2017.
In the Asian session, at GMT0400, the pair is trading at 50.63, with the oil trading 0.76% higher from yesterday’s close.
The pair is expected to find support at 49.48, and a fall through could take it to the next support level of 48.34. The pair is expected to find its first resistance at 52.34, and a rise through could take it to the next resistance level of 54.06.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.