Crude Oil Movement
Crude Oil prices advanced 2.08% against the USD for the 24 hour period ending 23:00GMT, closing at 51.61, after Saudi Arabia’s oil minister, Ali al-Naimi stated that he expects oil prices to stabilise with demand gradually rising, and global economic growth more robust.
Oil prices remained higher, despite the Energy Information Administration (EIA) data showing that US crude oil inventories jumped by 10.3 million barrels, its highest weekly increase since 2001 to 444.7 million barrels in the week ended 27 February, against an anticipated gain of 3.7 million barrels.
In the Asian session, at GMT0400, the pair is trading at 51.76, with the oil trading 0.29% higher from yesterday’s close.
The pair is expected to find support at 50.24, and a fall through could take it to the next support level of 48.72. The pair is expected to find its first resistance at 52.63, and a rise through could take it to the next resistance level of 53.50.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
