Crude Oil Movement
Crude Oil prices declined 0.38% against the USD for the 24 hour period ending 23:00GMT, closing at 49.26, after the American Petroleum Institute (API) data showed that US crude stocks expanded by 8.9 million barrels to 437.0 million barrels in the last week, thus bolstering issues related to a global supply glut.
In the Asian session, at GMT0400, the pair is trading at 49.26, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 48.51, and a fall through could take it to the next support level of 47.77. The pair is expected to find its first resistance at 50.16, and a rise through could take it to the next resistance level of 51.07.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
