Crude Oil Movement
Crude Oil prices advanced 0.80% against the USD for the 24 hour period ending 23:00GMT, closing at 58.17, after the Energy information Administration (EIA) showed that US crude oil stocks dropped for the fourth week, easing more than expected by 2.8 million barrels to 479.4 million barrels in the week ended 22 May.
Meanwhile, number of rigs actively drilling for oil in the US dropped by one to 659, last week.
In the Asian session, at GMT0300, the pair is trading at 58.33, with the oil trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 57.08, and a fall through could take it to the next support level of 55.83. The pair is expected to find its first resistance at 59.01, and a rise through could take it to the next resistance level of 59.69.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
