Crude Oil Movement
Crude Oil prices advanced 3.02% against the USD for the 24 hour period ending 23:00GMT, closing at 53.53, amid signs of falling US oil production.
Oil prices were further supported after the American Petroleum Institute (API) showed that US crude oil inventories fell 2.6 million barrels, in the preceding week.
In the Asian session, at GMT0300, the pair is trading at 53.55, with the oil trading marginally higher from yesterday’s close.
The pair is expected to find support at 52.47, and a fall through could take it to the next support level of 51.40. The pair is expected to find its first resistance at 54.20, and a rise through could take it to the next resistance level of 54.86.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
