Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.95% against the USD and closed at USD47.75 per barrel, amid persistent concerns over growing US crude inventories.
In the Asian session, at GMT0400, the pair is trading at 47.83, with the oil trading 0.17% higher against the USD from yesterday’s close, after OPEC’s largest producer, Saudi Arabia, stated that it expects crude exports to the US to fall by around 300,000 barrels per day from February, in line with the supply-cut agreement.
The pair is expected to find support at 47.45, and a fall through could take it to the next support level of 47.06. The pair is expected to find its first resistance at 48.35, and a rise through could take it to the next resistance level of 48.86.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
