Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 4.64% against the USD and closed at USD21.20 per barrel. Separately, the Energy Information Administration (EIA) reported that crude oil inventories rose by 13.8 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 21.10, with oil trading 0.47% lower against the USD from yesterday’s close.
The pair is expected to find support at 20.15, and a fall through could take it to the next support level of 19.20. The pair is expected to find its first resistance at 21.80, and a rise through could take it to the next resistance level of 22.50.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
