Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 4.4% against the USD and closed at USD48.45 per barrel, after the American Petroleum Institute (API) reported a huge drop in US crude oil inventories.
The API report disclosed that US crude oil stockpiles declined by 10.2 million barrels to 487.0 million barrels in the week ended 21 July.
In the Asian session, at GMT0300, the pair is trading at 48.38, with the oil trading 0.14% lower against the USD from yesterday’s close.
The pair is expected to find support at 47.01, and a fall through could take it to the next support level of 45.65. The pair is expected to find its first resistance at 49.20, and a rise through could take it to the next resistance level of 50.03.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
