Crude Oil Movement
Crude Oil prices advanced 1.51% against the USD for the 24 hour period ending 23:00GMT, closing at 47.76, rebounding from its previous session losses.
Separately, the American Petroleum Institute (API) disclosed that US crude oil inventories fell by 1.9 million barrels to 462 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 47.85, with the oil trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 46.87, and a fall through could take it to the next support level of 45.89. The pair is expected to find its first resistance at 48.63, and a rise through could take it to the next resistance level of 49.41.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
