Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.58% against the USD and closed at USD53.35 per barrel, after the American Petroleum Institute (API) reported a more-than-expected draw of 7.4 million barrels in US crude stockpiles during the last week.
In the Asian session, at GMT0400, the pair is trading at 53.15, with the oil trading 0.37% lower from yesterday’s close.
The pair is expected to find support at 52.39, and a fall through could take it to the next support level of 51.63. The pair is expected to find its first resistance at 53.67, and a rise through could take it to the next resistance level of 54.19.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
