Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.15% against the USD and closed at USD46.40 per barrel, after the American Petroleum Institute (API) reported a massive build of 9.3 million barrels in US crude oil inventories, recording its largest increase since March 2016.
In the Asian session, at GMT0400, the pair is trading at 46.25, with the oil trading 0.32% lower from yesterday’s close.
The pair is expected to find support at 45.85, and a fall through could take it to the next support level of 45.45. The pair is expected to find its first resistance at 47.00, and a rise through could take it to the next resistance level of 47.75.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
