Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.32% against the USD and closed at 32.19, rebounding from its previous session losses.
Separately, the Energy Information Administration (EIA) reported that US crude stockpiles advanced by 3.5 million barrels to 507.6 million barrels in the week ended 19 February.
In the Asian session, at GMT0400, the pair is trading at 31.91, with the oil trading 0.87% lower from yesterday’s close.
The pair is expected to find support at 30.85, and a fall through could take it to the next support level of 29.78. The pair is expected to find its first resistance at 32.69, and a rise through could take it to the next resistance level of 33.46.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
