Crude Oil Movement
Crude Oil prices advanced 1.14% against the USD for the 24 hour period ending 23:00GMT, closing at 56.11, after the Energy Information Administration (EIA) reported that the US crude oil inventories fell by 847,000 barrels in the week ended 12 December, while markets were expecting it to drop by 2.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 56.58, with the crude trading 0.84% higher from yesterday’s close.
The pair is expected to find support at 54.20, and a fall through could take it to the next support level of 51.82. The pair is expected to find its first resistance at 58.97, and a rise through could take it to the next resistance level of 61.36.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
