Crude Oil Movement
Crude Oil prices advanced 2.96% against the USD for the 24-hour period ending 23:00GMT, closing at 45.92, after the Energy Information Administration (EIA) disclosed that US crude oil inventories unexpectedly declined by 3.4 million barrels during the week ended May 06 to a level of 540.0 million barrels.
Moreover, the EIA hiked its 2017 projection for crude oil prices, as it expects consumption to increase in the coming years.
In the Asian session, at GMT0300, the pair is trading at 46.06, with the oil trading 0.3% higher from yesterday’s close.
The pair is expected to find support at 44.56, and a fall through could take it to the next support level of 43.06. The pair is expected to find its first resistance at 46.96, and a rise through could take it to the next resistance level of 47.86.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
