Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil marginally rose against the USD and closed at USD49.30 per barrel.
Gains in crude prices were trimmed after the American Petroleum Institute (API) disclosed that US crude oil stockpiles surprisingly advanced 0.9 million barrels to 532.9 million barrels in the week ended 21 April.
In the Asian session, at GMT0300, the pair is trading at 49.42, with the oil trading 0.24% higher against the USD from yesterday’s close.
The pair is expected to find support at 48.92, and a fall through could take it to the next support level of 48.41. The pair is expected to find its first resistance at 49.88, and a rise through could take it to the next resistance level of 50.33.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
