Crude Oil Movement
Crude Oil prices declined 1.95% against the USD for the 24 hour period ending 23:00GMT, closing at 58.36, after Saudi Arabia’s Oil Minister, Ali al-Naimi mentioned that the nation exported nearly 8 million barrels per day (bpd) in March, its highest level in nearly 10 years.
Losses is oil prices were pared, after the American Petroleum Institute (API) reported that US crude oil inventories dropped more than expected by 5.2 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 58.56, with the oil trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 57.54, and a fall through could take it to the next support level of 56.52. The pair is expected to find its first resistance at 59.97, and a rise through could take it to the next resistance level of 61.38.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
