Crude Oil Movement
Crude Oil prices declined 2.94% against the USD for the 24 hour period ending 23:00GMT, closing at 49.25, after the Energy Information Administration (EIA) data showed that US crude oil inventories rose by 4.9 million barrels to 417.9 million barrels in the week ended February 6, against an anticipated gain of 3.4 million barrels.
In the Asian session, at GMT0400, the pair is trading at 49.29, with the oil trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 47.98, and a fall through could take it to the next support level of 46.67. The pair is expected to find its first resistance at 50.66, and a rise through could take it to the next resistance level of 52.03.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
