Crude Oil Movement
Crude Oil prices declined 3.69% against the USD for the 24 hour period ending 23:00GMT, closing at 50.92, after the Energy Information Administration (EIA) showed that US crude oil stocks expanded more than double by 10.9 million barrels to 482.4 million barrels in the week ended April 3, climbing for the 13th straight week. Markets were expecting an increase of 3.2 million barrels.
In the Asian session, at GMT0300, the pair is trading at 51.07, with the oil trading 0.29% higher from yesterday’s close.
The pair is expected to find support at 49.93, and a fall through could take it to the next support level of 48.79. The pair is expected to find its first resistance at 52.65, and a rise through could take it to the next resistance level of 54.23.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
