Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 0.25% and closed at 47.56, as the demand outlook of the commodity rose after the preliminary reading of the manufacturing activity data from most parts of the Euro-zone and the US came in above expectations for the month of March.
Meanwhile, the American Petroleum Institute indicated that the US crude oil inventories increased by 4.8 million barrels last week, as compared to market expectations for a 4.6 million barrels rise.
In the Asian session, at GMT0300, the pair is trading at 47.41, with the crude oil trading 0.32% lower from yesterday’s close.
The pair is expected to find support at 46.53, and a fall through could take it to the next support level of 45.66. The pair is expected to find its first resistance at 48.42, and a rise through could take it to the next resistance level of 49.44.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
