Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil fell 1.72% against the USD and closed at USD52.55 per barrel, after the US Energy Information Administration (EIA) reported an unexpected rise in crude stockpiles.
The EIA disclosed that US crude inventories surprisingly advanced 2.3 million barrels to 485.4 million barrels in the week ended 16 December 2016.
In the Asian session, at GMT0400, the pair is trading at 52.63, with the oil trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 52.04, and a fall through could take it to the next support level of 51.44. The pair is expected to find its first resistance at 53.51, and a rise through could take it to the next resistance level of 54.38.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
