Crude Oil Movement
Crude Oil prices declined 0.71% against the USD for the 24-hour period ending 23:00GMT, closing at 47.47, falling for the fifth straight session, its longest losing streak since February 2016, following a lower than expected draw in US crude stockpiles.
Yesterday, the Energy Information Administration (EIA) report indicated that US crude oil inventories declined 0.93 million barrels during the week ended June 10 to a level of 531.5 million barrels, compared to market expectations for a 2.3 million barrel fall.
In the Asian session, at GMT0300, the pair is trading at 47.54, with the oil trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 46.97, and a fall through could take it to the next support level of 46.41. The pair is expected to find its first resistance at 48.41, and a rise through could take it to the next resistance level of 49.29.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
