Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.67% against the USD and closed at USD62.64 per barrel, following an unexpected decline in US crude oil stockpiles.
The Energy Information Administration (EIA) indicated that US crude oil inventories fell 1.6 million barrels to 420.5 million barrels in the week ended 16 February.
In the Asian session, at GMT0400, the pair is trading at 62.81, with oil trading 0.27% higher against the USD from yesterday’s close.
The pair is expected to find support at 61.48, and a fall through could take it to the next support level of 60.16. The pair is expected to find its first resistance at 63.61, and a rise through could take it to the next resistance level of 64.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
