Crude Oil Movement
Crude Oil prices advanced 1.52% against the USD for the 24 hour period ending 23:00GMT, closing at 36.73, after the OPEC Secretary General, Abdullah al-Badri, stated that the current trend of low oil prices will not continue for long and might rise in a few months or a year.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories rose by 2.3 million barrels in the week ended 11 December. Investors had expected it to increase by 1.4 million barrels.
In the Asian session, at GMT0400, the pair is trading at 37.08, with the oil trading 0.95% higher from yesterday’s close.
The pair is expected to find support at 36.11, and a fall through could take it to the next support level of 35.15. The pair is expected to find its first resistance at 37.96, and a rise through could take it to the next resistance level of 38.85.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
