Crude Oil Movement
Crude Oil prices advanced 1.99% against the USD for the 24 hour period ending 23:00GMT, closing at 51.36.
However, gains in oil prices were kept in check after the Energy Information Administration (EIA) data showed that US crude stockpiles expanded by 7.7 million barrels to 425.6 million barrels in the week ended February 13, against an expected increase of 3.1 million barrels.
In the Asian session, at GMT0400, the pair is trading at 51.66, with the oil trading 0.58% higher from yesterday’s close.
The pair is expected to find support at 49.82, and a fall through could take it to the next support level of 47.99. The pair is expected to find its first resistance at 52.81, and a rise through could take it to the next resistance level of 53.97.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
