Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.06% against the USD and closed at 33.87, after the Russian Energy Minister, Alexander Novak, stated that oil firms in the country support a pledge to freeze output at January levels.
However, gains in crude prices were trimmed after the American Petroleum Institute (API) reported that US oil inventories rose more-than-expected by 9.9 million barrels to 516.1 million barrels in the week ended 26 February.
In the Asian session, at GMT0400, the pair is trading at 34.05, with the oil trading 0.53% higher from yesterday’s close.
The pair is expected to find support at 33.36, and a fall through could take it to the next support level of 32.67. The pair is expected to find its first resistance at 34.75, and a rise through could take it to the next resistance level of 35.45.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
