Crude Oil Movement
Crude Oil prices advanced 5.47% against the USD for the 24 hour period ending 23:00GMT, closing at 48.57, registering its biggest one-day gain since June 2012.
Yesterday, the Energy Information Administration (EIA) showed that the US crude oil inventories expanded by 5.4 million barrels to 382.4 million barrels in the week ended January 09, while markets expected a drop of 0.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 48.15, with the oil trading 0.86% lower from yesterday’s close.
The pair is expected to find support at 45.57, and a fall through could take it to the next support level of 43.00. The pair is expected to find its first resistance at 50.15, and a rise through could take it to the next resistance level of 52.16.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
