Crude Oil Movement
Crude Oil prices declined 2.67% against the USD for the 24 hour period ending 23:00GMT, closing at 49.23, on renewed concerns over build-up in oil inventories, after the Energy Information Administration (EIA) revealed that US crude oil inventories expanded by 2.5 million barrels to 463.9 in the week ended July 17, while analysts expected stocks to decline 1.9 million barrels.
In the Asian session, at GMT0300, the pair is trading at 49.30, with the oil trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 48.70, and a fall through could take it to the next support level of 48.10. The pair is expected to find its first resistance at 50.24, and a rise through could take it to the next resistance level of 51.18.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
