Crude Oil Movement
Crude Oil prices declined 0.33% against the USD for the 24 hour period ending 23:00GMT, closing at 30.63, with investors remaining cautious as the overall outlook for the commodity remains weak.
Yesterday, according to the Energy Information Administration’s (EIA) weekly report, crude stockpiles rose by 0.2 million barrels in the week ended 08 January 2016, well below market expectations for a 2.5 million barrel build.
In the Asian session, at GMT0400, the pair is trading at 30.57, with the oil trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 29.88, and a fall through could take it to the next support level of 29.18. The pair is expected to find its first resistance at 31.49, and a rise through could take it to the next resistance level of 32.40.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
