Crude Oil Movement
Crude Oil prices advanced 4.84% against the USD for the 24 hour period ending 23:00GMT, closing at 44.59, amid a broad weakening in the greenback, following the FOMC meeting.
Gains in oil prices were kept in check, after the Energy Information Administration (EIA) data showed that US crude stocks increased by 9.6 million barrels to 458.5 million barrels in the week ended 13 March, against an expected gain of 3.7 million barrels.
In the Asian session, at GMT0400, the pair is trading at 43.92, with the oil trading 1.5% lower from yesterday’s close.
The pair is expected to find support at 42.18, and a fall through could take it to the next support level of 40.45. The pair is expected to find its first resistance at 45.49, and a rise through could take it to the next resistance level of 47.07.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
