Crude Oil Movement
Crude Oil prices declined 1.37% against the USD for the 24-hour period ending 23:00GMT, closing at 38.10, after the Energy Information Administration (EIA) disclosed that US crude oil inventories rose by 2.3 million barrels during the last week to a total of 534.8 million barrels, touching a seventh straight week of record high.
In the Asian session, at GMT0300, the pair is trading at 37.75, with the oil trading 0.92% lower from yesterday’s close.
The pair is expected to find support at 37.05, and a fall through could take it to the next support level of 36.35. The pair is expected to find its first resistance at 39.15, and a rise through could take it to the next resistance level of 40.55.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
