Crude Oil Movement
Crude Oil prices advanced 1.62% against the USD for the 24-hour period ending 23:00GMT, closing at 45.22, extending its previous session gains.
Separately, the Energy Information Administration (EIA) disclosed that crude oil inventories rose by 2.0 million barrels during the week ended April 22 to an all-time high of 540.6 million barrels.
In the Asian session, at GMT0300, the pair is trading at 45.16, with the oil trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 44.08, and a fall through could take it to the next support level of 43.00. The pair is expected to find its first resistance at 45.93, and a rise through could take it to the next resistance level of 46.70.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
