Crude Oil Movement
Crude Oil prices advanced 4.19% against the USD for the 24 hour period ending 23:00GMT, closing at 49.71, despite mounting speculations that the Iranian oil supplies will add to a global glut.
Separately, the Energy Information Administration (EIA) showed that US crude oil stocks expanded by 4.8 million barrels to 471.4 million barrels in the week ended 27 March, compared to an anticipated gain of 3.5 million barrels.
In the Asian session, at GMT0300, the pair is trading at 49.66, with the oil trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 47.65, and a fall through could take it to the next support level of 45.65. The pair is expected to find its first resistance at 51.05, and a rise through could take it to the next resistance level of 52.45.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
