Crude Oil Movement
Crude Oil prices advanced 2.49% against the USD for the 24 hour period ending 23:00GMT, closing at 48.95, after the EIA disclosed that US crude oil stocks eased more than market anticipations.
The Energy Information Administration revealed that US oil inventories declined by 4.2 million barrels to 459.7 million barrels in the week ended 24 July, against an anticipated decrease of 0.7 million barrels.
In the Asian session, at GMT0300, the pair is trading at 48.95, with the EUR trading flat from yesterday’s close.
The pair is expected to find support at 47.72, and a fall through could take it to the next support level of 46.49. The pair is expected to find its first resistance at 49.85, and a rise through could take it to the next resistance level of 50.75.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
