Crude Oil Movement
Crude Oil prices declined 1.48% against the USD for the 24 hour period ending 23:00GMT, closing at 36.70, after US crude stockpiles surprisingly increased in the week ended 25 December along with signs that Saudi Arabia will not limit its oil production.
Yesterday, the Energy Information Administration (EIA) disclosed that US crude-oil inventories rose by 2.6 million barrels to 487.4 million barrels last week.
In the Asian session, at GMT0400, the pair is trading at 36.67, with the oil trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 36.29, and a fall through could take it to the next support level of 35.91. The pair is expected to find its first resistance at 37.16, and a rise through could take it to the next resistance level of 37.65.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
