Crude Oil Movement
Crude Oil prices declined 0.70% against the USD for the 24 hour period ending 23:00GMT, closing at 48.34, extending its previous session losses, after the Energy Information Administration (EIA) data showed that US crude oil inventories climbed by 4.5 million barrels to 449.2 million barrels, the most in over 80 years in the week ended 06 March, while analysts expected an increase of 4.2 million barrels.
In the Asian session, at GMT0400, the pair is trading at 48.14, with the oil trading 0.41% lower from yesterday’s close.
The pair is expected to find support at 47.31, and a fall through could take it to the next support level of 46.48. The pair is expected to find its first resistance at 48.98, and a rise through could take it to the next resistance level of 49.82.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
