Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.16% against the USD and closed at USD48.00 per barrel, after fresh figures form the American Petroleum Institute (API) indicated that US crude oil inventories dropped by 4.62 million barrels to 508.6 million barrels in the week ended 02 June.
Meanwhile, the Energy Information Administration (EIA) trimmed its global oil demand forecast for 2017 by 20,000 barrels per day (bpd) to 1.54 million bpd.
In the Asian session, at GMT0300, the pair is trading at 48.14, with the oil trading 0.29% higher against the USD from yesterday’s close.
The pair is expected to find support at 47.25, and a fall through could take it to the next support level of 46.37. The pair is expected to find its first resistance at 48.71, and a rise through could take it to the next resistance level of 49.29.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
