Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.29% against the USD and closed at USD52.02 per barrel, after the American Petroleum Institute (API) reported a huge draw of 7.1 million barrels in US crude oil inventories, bringing the total to 461.4 million barrels in the last week.
In the Asian session, at GMT0300, the pair is trading at 52.12, with the oil trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 51.47, and a fall through could take it to the next support level of 50.82. The pair is expected to find its first resistance at 52.51, and a rise through could take it to the next resistance level of 52.90.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
