Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.07% against the USD and closed at USD44.88 per barrel, after the American Petroleum Institute (API) disclosed that US crude oil inventories rose more-than-expected by 4.4 million barrels during the last week.
In the Asian session, at GMT0400, the pair is trading at 43.52, with the oil trading 3.03% lower from yesterday’s close, as vote counting in the US showed that Donald Trump edging ahead in an unexpectedly tight Presidential election.
The pair is expected to find support at 42.60, and a fall through could take it to the next support level of 41.67. The pair is expected to find its first resistance at 44.92, and a rise through could take it to the next resistance level of 46.31.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
