Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 5.5% against the USD and closed at 29.73, extending its previous session losses, amid deepening supply glut fears.
Separately, the American Petroleum Institute (API) disclosed that US oil inventories expanded by 3.8 million barrels in the week ended 29 January.
In the Asian session, at GMT0400, the pair is trading at 29.59, with the oil trading 0.47% lower from yesterday’s close.
The pair is expected to find support at 28.85, and a fall through could take it to the next support level of 28.11. The pair is expected to find its first resistance at 30.88, and a rise through could take it to the next resistance level of 32.17.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
