Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.69% against the USD and closed at USD61.69 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories fell by 7.9 million barrels to 444.1 million barrels in the week ended 20 December 2019.
In the Asian session, at GMT0400, the pair is trading at 61.84, with oil trading 0.24% higher against the USD from yesterday’s close.
The pair is expected to find support at 61.31, and a fall through could take it to the next support level of 60.78. The pair is expected to find its first resistance at 62.12, and a rise through could take it to the next resistance level of 62.40.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
