Crude Oil Movement
Crude Oil prices advanced 0.85% against the USD for the 24-hour period ending 23:00GMT, closing at 49.61, after the Energy Information Administration (EIA) report indicated that US crude oil inventories declined more-than-expected by 4.2 million barrels during the week ended May 20 to a level of 537.1 million barrels, its steepest weekly drop in seven weeks.
In the Asian session, at GMT0300, the pair is trading at 49.82, with the oil trading 0.42% higher from yesterday’s close.
The pair is expected to find support at 49.02, and a fall through could take it to the next support level of 48.21. The pair is expected to find its first resistance at 50.26, and a rise through could take it to the next resistance level of 50.69.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
