Crude Oil Movement
Crude Oil prices advanced 1.29% against the USD for the 24 hour period ending 23:00GMT, closing at 44.77, after the API showed a solid drop in US crude oil stocks.
The American Petroleum Institute showed that US crude oil inventories unexpectedly narrowed by 3.1 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 44.84, with the oil trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 44.09, and a fall through could take it to the next support level of 43.34. The pair is expected to find its first resistance at 45.42, and a rise through could take it to the next resistance level of 46.00.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
