Crude Oil Movement
Crude Oil prices advanced 1.26% against the USD for the 24-hour period ending 23:00GMT, closing at 44.32.
However, the gains in oil prices were capped after the Energy Information Administration (EIA) disclosed that US crude oil inventories rose more-than-expected by 2.8 million barrels during the week ended April 29 to a level of 543.4 million barrels.
In the Asian session, at GMT0300, the pair is trading at 44.67, with the oil trading 0.79% higher from yesterday’s close.
The pair is expected to find support at 43.63, and a fall through could take it to the next support level of 42.60. The pair is expected to find its first resistance at 45.29, and a rise through could take it to the next resistance level of 45.92.
Crude oil is trading above its 20 Hr and 50 Hr moving average.
