Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.92% against the USD and closed at USD47.64 per barrel, on the back of disappointing EIA inventories data.
The Energy Information Administration (EIA) disclosed that US crude oil inventories fell less-than-expected by 0.93 million barrels to 527.8 million barrels in the week ended 28 April.
In the Asian session, at GMT0300, the pair is trading at 47.69, with the oil trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 47.25, and a fall through could take it to the next support level of 46.81. The pair is expected to find its first resistance at 48.18, and a rise through could take it to the next resistance level of 48.67.
Crude oil is showing convergence with its 20 Hr moving average and trading below 50 Hr moving average.
