Crude Oil Movement
Crude Oil prices advanced 0.66% against the USD for the 24-hour period ending 23:00GMT, closing at 38.35, after the Energy Information Administration reported that US oil production fell by 56,000 barrels per day(bpd) to 9.2 million bpd in January, reaching its lowest level since October 2014.
In the Asian session, at GMT0300, the pair is trading at 38.13, with the oil trading 0.57% lower from yesterday’s close.
The pair is expected to find support at 37.45, and a fall through could take it to the next support level of 36.78. The pair is expected to find its first resistance at 38.92, and a rise through could take it to the next resistance level of 39.72.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
