Crude Oil Movement
Crude Oil prices advanced 3.78% against the USD for the 24 hour period ending 23:00GMT, closing at 37.84, on the back of a hefty decline in US crude oil stocks.
The Energy Information Administration (EIA) disclosed that stockpiles of crude oil in the US fell by 5.88 million barrels to 484.8 million barrels last week, whereas market analysts expected a 1.0 million barrel build up.
In the Asian session, at GMT0400, the pair is trading at 37.66, with the oil trading 0.48% lower from yesterday’s close.
The pair is expected to find support at 36.66, and a fall through could take it to the next support level of 35.66. The pair is expected to find its first resistance at 38.30, and a rise through could take it to the next resistance level of 38.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
