Crude Oil Movement
Crude Oil prices advanced 4.03% against the USD for the 24 hour period ending 23:00GMT, closing at 51.89.
Yesterday, the American Petroleum Institute (API) revealed that the US crude oil inventories rose by more than 6 million barrels last week, registering its fifth consecutive week of gain.
In the Asian session, at GMT0400, the pair is trading at 52.18, with the oil trading 0.56% higher from yesterday’s close.
The pair is expected to find support at 49.88, and a fall through could take it to the next support level of 47.59. 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 56.53.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
