Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.06% against the USD and closed at USD53.03 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 3.6 million barrels to 478 million barrels in the week ended 31 May 2019.
In the Asian session, at GMT0300, the pair is trading at 53.13, with oil trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 52.45, and a fall through could take it to the next support level of 51.76. The pair is expected to find its first resistance at 53.80, and a rise through could take it to the next resistance level of 54.46.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
