Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.75% against the USD and closed at USD53.92 per barrel.
However, oil prices pared losses later in the session after the American Petroleum Institute (API) report showed a surprise drop of 0.9 million barrels in US crude stockpiles to 512.7 million barrels in the week ended 17 February. Investors had expected an increase of 3.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 54.07, with the oil trading 0.28% higher against the USD from yesterday’s close.
The pair is expected to find support at 53.41, and a fall through could take it to the next support level of 52.76. The pair is expected to find its first resistance at 54.66, and a rise through could take it to the next resistance level of 55.26.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
