Crude Oil Movement
Crude Oil prices advanced 2.80% against the USD for the 24 hour period ending 23:00GMT, closing at 48.89, as geopolitical tensions escalated between Yemeni rebels and Saudi Arabia, the world’s biggest exporter of oil.
Gains in oil prices were kept in check, after the Energy Information Administration (EIA) data showed that US crude oil inventories expanded by 8.2 million barrels to 466.7 million barrels in the week ended 20 March, against an expected increase of 4.6 million barrels.
In the Asian session, at GMT0400, the pair is trading at 50.80, with the oil trading 3.91% higher from yesterday’s close.
The pair is expected to find support at 47.87, and a fall through could take it to the next support level of 44.94. The pair is expected to find its first resistance at 52.85, and a rise through could take it to the next resistance level of 54.90.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
