Crude Oil Movement
Crude Oil prices declined 0.99% against the USD for the 24-hour period ending 23:00GMT, closing at 47.97, reversing its two-day rally, after the Energy Information Administration (EIA) disclosed that US crude oil inventories unexpectedly rose by 1.3 million barrels during the week ended May 13 to a level of 541.3 million barrels, while investors had expected a decrease of 2.8 million barrels.
In the Asian session, at GMT0300, the pair is trading at 47.56, with the oil trading 0.85% lower from yesterday’s close.
The pair is expected to find support at 47.00, and a fall through could take it to the next support level of 46.43. The pair is expected to find its first resistance at 48.54, and a rise through could take it to the next resistance level of 49.51.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
