Crude Oil Movement
Crude Oil prices rallied 2.65% against the USD for the 24-hour period ending 23:00GMT, closing at 49.50, following a larger-than-expected drawdown in US crude inventories.
Yesterday, the Energy Information Administration (EIA) report indicated that US crude stockpiles declined by 4.1 million barrels during the week ended June 24 to a level of 526.6 million barrels, falling for the sixth consecutive week.
In the Asian session, at GMT0300, the pair is trading at 49.43, with the oil trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 48.29, and a fall through could take it to the next support level of 47.16. The pair is expected to find its first resistance at 50.28, and a rise through could take it to the next resistance level of 51.14.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
