Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.18% against the USD and closed at USD49.36 per barrel, after the American Petroleum Institute (API) disclosed that US crude stockpiles rose by 4.8 million barrels to 502.5 million barrels during the last week.
In the Asian session, at GMT0300, the pair is trading at 49.35, with the oil trading slightly lower from yesterday’s close.
The pair is expected to find support at 48.73, and a fall through could take it to the next support level of 48.11. The pair is expected to find its first resistance at 50.45, and a rise through could take it to the next resistance level of 51.55.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
