Crude Oil Movement
Crude Oil prices advanced 2.58% against the USD for the 24-hour period ending 23:00GMT, closing at USD47.30 per barrel, after the Energy Information Administration (EIA) reported that US crude stockpiles surprisingly dropped 14.5 million barrels to 511.4 million barrels in the week ended 02 September 2016, the biggest weekly drop in stockpiles since January 1999.
In the Asian session, at GMT0300, the pair is trading at 47.24, with the oil trading 0.13% lower from yesterday’s close, reversing its previous session gains.
The pair is expected to find support at 46.09, and a fall through could take it to the next support level of 44.94. The pair is expected to find its first resistance at 48.07, and a rise through could take it to the next resistance level of 48.90.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
