Crude Oil Movement
Crude Oil prices advanced 3.62% against the USD for the 24-hour period ending 23:00GMT, closing at 37.82, after the Energy Information Administration (EIA) disclosed that US crude oil inventories unexpectedly fell by 4.9 million barrels during the week ended 01 April to a total of 529.9 million barrels, while investors had expected a 3.2 million barrel build.
In the Asian session, at GMT0300, the pair is trading at 38.11, with the oil trading 0.77% higher from yesterday’s close.
The pair is expected to find support at 37.01, and a fall through could take it to the next support level of 35.92. The pair is expected to find its first resistance at 38.75, and a rise through could take it to the next resistance level of 39.40.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
