Crude Oil Movement
Crude Oil prices advanced 1.08% against the USD for the 24 hour period ending 23:00GMT, closing at 45.85, rebounding from its previous session losses.
Oil prices found some support, after the American Petroleum Institute (API) disclosed that US crude oil inventories narrowed by 2.4 million barrels to 459.7 million barrels against an anticipated decline of 1.5 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 46.04, with the oil trading 0.41% higher from yesterday’s close.
The pair is expected to find support at 45.57, and a fall through could take it to the next support level of 45.1. The pair is expected to find its first resistance at 46.37, and a rise through could take it to the next resistance level of 46.7.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
