Crude Oil Movement
Crude Oil prices advanced 3.63% against the USD for the 24 hour period ending 23:00GMT, closing at 51.05, following an unexpected expansion in China’s manufacturing activity in February and after Saudi Arabia’s Oil minister, Ali al-Naimi mentioned that oil demand was growing.
However, gains in oil prices were kept in check, after the Energy Information Administration (EIA) data revealed that US crude oil inventories expanded by 8.4 million barrels to 434 million barrels in the week ended 20 February, against an anticipated increase of 3.7 million barrels.
In the Asian session, at GMT0400, the pair is trading at 50.56, with the oil trading 0.96% lower from yesterday’s close.
The pair is expected to find support at 48.90, and a fall through could take it to the next support level of 47.24. The pair is expected to find its first resistance at 51.75, and a rise through could take it to the next resistance level of 52.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
