Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.18% against the USD and closed at USD51.47 per barrel, after the International Energy Agency (IEA) disclosed that global oil markets were tightening even before cuts promised by OPEC and non-OPEC countries.
However, gains in crude prices were capped, after the Energy Information Administration (EIA) reported that US crude stockpiles unexpectedly rose by 2.3 million barrels to a total of 485.5 million barrels in the week to 13 January 2017.
In the Asian session, at GMT0400, the pair is trading at 51.50, with the oil trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 51.06, and a fall through could take it to the next support level of 50.61. The pair is expected to find its first resistance at 51.91, and a rise through could take it to the next resistance level of 52.31.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
