Crude Oil Movement
Crude Oil prices declined 3.20% against the USD for the 24 hour period ending 23:00GMT, closing at 41.71, after the Energy Information Administration (EIA) reported a strong build-up in US crude inventories.
Yesterday, the EIA disclosed that US crude-oil stockpiles rose by 4.2 million barrels last week to 487.0 million barrels, marking the seventh consecutive week of increases. Investors had expected supplies to increase by 1.1 million barrels.
In the Asian session, at GMT0400, the pair is trading at 41.52, with the oil trading 0.46% lower from yesterday’s close.
The pair is expected to find support at 40.85, and a fall through could take it to the next support level of 40.17. The pair is expected to find its first resistance at 42.73, and a rise through could take it to the next resistance level of 43.93.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
