Crude Oil Movement
Crude Oil prices advanced 1.97% against the USD for the 24 hour period ending 23:00GMT, closing at 52.87, despite Saudi Arabia, world’s biggest crude oil exporter increasing its oil production to 10.3 million barrels per day of in March, in an already over-supplied oil market.
Separately, the American Petroleum Institute (API) showed that US crude-oil inventories rose by 12.2 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 52.99, with the oil trading 0.23% higher from yesterday’s close.
The pair is expected to find support at 51.39, and a fall through could take it to the next support level of 49.80. The pair is expected to find its first resistance at 54.35, and a rise through could take it to the next resistance level of 55.72.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
