Crude Oil Movement
Crude Oil prices advanced 1.40% against the USD for the 24 hour period ending 23:00GMT, closing at 48.57, after the Energy Information Administration (EIA) reported that the US crude oil inventories unexpectedly declined by 3.1 million barrels to 382.4 million barrels in the week ended January 2 and against an anticipated gain of 0.9 million barrels.
Meanwhile, an official data revealed that crude oil exports from the US soared 34% to around 502,000 barrels a day in November, the biggest rise on record dating back to 1920.
In the Asian session, at GMT0400, the pair is trading at 49.13, with the oil trading 1.15% higher from yesterday’s close.
The pair is expected to find support at 47.42, and a fall through could take it to the next support level of 45.71. The pair is expected to find its first resistance at 50.24, and a rise through could take it to the next resistance level of 51.35.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
