Crude Oil Movement
Crude Oil prices declined 2.69% against the USD for the 24 hour period ending 23:00GMT, closing at 44.44, after the Energy Information Administration (EIA) in its weekly oil report showed that the US crude oil inventories jumped by 8.9 million barrels to an 80-year high level of 406.7 million barrels, in the week ended 23 January against an anticipated increase of 3.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 44.56, with the oil trading 0.27% higher from yesterday’s close.
The pair is expected to find support at 43.84, and a fall through could take it to the next support level of 43.12. The pair is expected to find its first resistance at 45.51, and a rise through could take it to the next resistance level of 46.46.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
