Crude Oil Movement
Crude Oil prices declined 1.40% against the USD for the 24 hour period ending 23:00GMT, closing at 37.38, as investors ignored an unexpected drawdown in US crude stockpiles and continued to fret about the persistent global supply glut.
Yesterday, the Energy Information Administration (EIA) disclosed that US crude-oil inventories fell for the first time after a 10-week stockpile build-up by 3.6 million barrels to 485.8 million barrels in the week ended 04 December. Investors had expected supplies to increase by 0.3 million barrels.
In the Asian session, at GMT0400, the pair is trading at 37.43, with the oil trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 36.54, and a fall through could take it to the next support level of 35.64. The pair is expected to find its first resistance at 38.66, and a rise through could take it to the next resistance level of 39.88.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
