Crude Oil Movement
Crude Oil prices declined 3.88% against the USD for the 24 hour period ending 23:00GMT, closing at 39.59, on the back of a massive build-up in US crude stocks, eroding hope of an ease in the supply glut.
The Energy Information Administration (EIA) disclosed that US crude oil inventories expanded by 9.4 million barrels in the last week to a record total of 532.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 39.7, with the oil trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 39.00, and a fall through could take it to the next support level of 38.31. The pair is expected to find its first resistance at 40.83, and a rise through could take it to the next resistance level of 41.97.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
