Crude Oil Movement
Crude Oil prices advanced 0.27% against the USD for the 24-hour period ending 23:00GMT, closing at 49.03, after the latest drawdown in US crude stockpiles offset the Organisation of the Petroleum Exporting Countries’ (OPEC) failure to reach a deal on an output ceiling.
Yesterday, the Energy Information Administration (EIA) report indicated that US crude oil inventories declined 1.4 million barrels during the week ended May 27 to a level of 535.7 million barrels.
In the Asian session, at GMT0300, the pair is trading at 49.22, with the oil trading 0.39% higher from yesterday’s close.
The pair is expected to find support at 48.30, and a fall through could take it to the next support level of 47.39. The pair is expected to find its first resistance at 49.80, and a rise through could take it to the next resistance level of 50.39.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
