Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.39% against the USD and closed at 30.62, reversing its previous session gains, amid renewed concerns about global oversupply, after US crude inventories rose to record highs in the last week.
Yesterday, the Energy Information Administration (EIA) disclosed that US crude stockpiles rose by 2.1 million barrels to 504.1 million barrels in the week ended 12 February.
Separately, Saudi Arabian Foreign Minister, Adel al-Jubeir, stated that the nation would not cut oil production, thus stoking concerns about existing global oil surplus.
In the Asian session, at GMT0400, the pair is trading at 30.45, with the oil trading 0.56% lower from yesterday’s close.
The pair is expected to find support at 29.82, and a fall through could take it to the next support level of 29.19. The pair is expected to find its first resistance at 31.53, and a rise through could take it to the next resistance level of 32.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
