Crude Oil Movement
Crude Oil prices declined 2.59% against the USD for the 24 hour period ending 23:00GMT, closing at 35.78, after US crude stockpiles surprisingly increased in the week ended 11 December and the US Federal Reserve raised interest rates for the first time in nearly a decade.
The Energy Information Administration (EIA) disclosed that US crude-oil inventories rose by 4.8 million barrels to 490.6 million barrels last week, while investors had expected supplies to decrease by 1.4 million barrels.
In the Asian session, at GMT0400, the pair is trading at 35.44, with the oil trading 0.95% lower from yesterday’s close.
The pair is expected to find support at 34.70, and a fall through could take it to the next support level of 33.97. The pair is expected to find its first resistance at 36.76, and a rise through could take it to the next resistance level of 38.09.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
