Crude Oil Movement
Crude Oil prices advanced 3.15% against the USD for the 24 hour period ending 23:00GMT, closing at 45.58, despite the Energy Information Administration (EIA) revealing that US crude oil stocks topped analyst expectations.
Yesterday, the EIA disclosed that US crude oil inventories expanded by 2.6 million barrels to 458.0 million barrels in the week ended 28 August, against an anticipated gain of 0.3 million barrels.
In the Asian session, at GMT0300, the pair is trading at 45.72, with the oil trading 0.31% higher from yesterday’s close.
The pair is expected to find support at 44.04, and a fall through could take it to the next support level of 42.36. The pair is expected to find its first resistance at 46.72, and a rise through could take it to the next resistance level of 47.72.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
