Crude Oil Movement
Crude Oil prices advanced 1.84% against the USD for the 24 hour period ending 23:00GMT, closing at 36.46, rebounding from its previous session losses, as a four-decade ban on US oil exports was lifted.
Separately, the American Petroleum Institute (API) disclosed that US crude oil inventories unexpectedly dropped by 3.6 million barrels in the week ended 18 December, against an anticipated increase of 1.1 million barrels.
In the Asian session, at GMT0400, the pair is trading at 36.39, with the oil trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 35.84, and a fall through could take it to the next support level of 35.30. The pair is expected to find its first resistance at 36.74, and a rise through could take it to the next resistance level of 37.10.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
