Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.42% against the USD and closed at USD61.47 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories fell by 7.8 million barrels in the week ended 27 December 2019.
In the Asian session, at GMT0400, the pair is trading at 61.23, with oil trading 0.39% lower against the USD from yesterday’s close.
The pair is expected to find support at 61.08, and a fall through could take it to the next support level of 60.93. The pair is expected to find its first resistance at 61.49, and a rise through could take it to the next resistance level of 61.75.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
