Crude Oil Movement
Crude Oil prices advanced 3.03% against the USD for the 24 hour period ending 23:00GMT, closing at 39.50, after the American Petroleum Institute (API) reported a more than expected fall in the crude oil inventories in the last week. The prices got further support after Norway’s Oil Minister, Tord Lien, opined that the current price level is unsustainable and that there is no reason for the prices to remain below $55 a barrel.
In the Asian session, at GMT0300, the pair is trading at 39.28, with crude oil prices trading 0.56% lower from yesterday’s close.
The pair is expected to find support at 38.60, and a fall through could take it to the next support level of 37.92. The pair is expected to find its first resistance at 39.92, and a rise through could take it to the next resistance level of 40.56.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
