Crude Oil Movement
Crude Oil prices advanced 2.20% against the USD for the 24-hour period ending 23:00GMT, closing at 51.51, after the Energy Information Administration (EIA) report indicated that US crude oil inventories declined 3.2 million barrels during the week ended June 3 to a level of 532.5 million barrels, marking its third consecutive weekly fall.
In the Asian session, at GMT0300, the pair is trading at 51.58, with the oil trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 50.71, and a fall through could take it to the next support level of 49.84. The pair is expected to find its first resistance at 52.06, and a rise through could take it to the next resistance level of 52.54.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
