Crude Oil Movement
Crude Oil prices advanced 2.23% against the USD for the 24-hour period ending 23:00GMT, closing at 49.56, after the Energy Information Administration (EIA) reported that US crude oil inventories rose less-than-expected by 0.87 million barrels in the week ended 24 March. Markets had expected a rise of 1.2 million barrels.
In the Asian session, at GMT0300, the pair is trading at 49.47, with the oil trading 0.18% lower against the USD from yesterday’s close.
The pair is expected to find support at 48.68, and a fall through could take it to the next support level of 47.90. The pair is expected to find its first resistance at 49.95, and a rise through could take it to the next resistance level of 50.44.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
