Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.54% against the USD and closed at 34.73, as investors shrugged off data indicating record high US crude stockpiles and turned their attention to OPEC’s plan to freeze production.
Yesterday, the Energy Information Administration (EIA) reported that US crude inventories rose by 10.4 million barrels to 518 million barrels in the week ended 26 February.
In the Asian session, at GMT0400, the pair is trading at 34.75, with the oil trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 33.81, and a fall through could take it to the next support level of 32.87. The pair is expected to find its first resistance at 35.43, and a rise through could take it to the next resistance level of 36.11.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
