Crude Oil Movement
Crude Oil prices declined 5.16% against the USD for the 24 hour period ending 23:00GMT, closing at 50.36, as worries over a supply glut resurfaced after the American Petroleum Institute (API) data revealed that US crude oil inventories rose by 14.3 million barrels last week, compared to prior week’s gain of 1.6 million barrels.
In the Asian session, at GMT0400, the pair is trading at 50.59, with the oil trading 0.46% higher from yesterday’s close.
The pair is expected to find support at 49.41, and a fall through could take it to the next support level of 48.23. The pair is expected to find its first resistance at 52.59, and a rise through could take it to the next resistance level of 54.59.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
