Crude Oil Movement
Crude Oil prices declined 1.23% against the USD for the 24 hour period ending 23:00GMT, closing at 57.71, as a broad strengthening in the greenback weighed on the commodity’s price along with concerns that US crude oil inventories may have started to rise again after three weeks of decline.
Yesterday, the American Petroleum Institute (API) showed that US crude inventories rose by 1.3 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 57.75, with the oil trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 57.09, and a fall through could take it to the next support level of 56.43. The pair is expected to find its first resistance at 58.68, and a rise through could take it to the next resistance level of 59.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
