Crude Oil Movement
Crude Oil prices declined 1.34% against the USD for the 24-hour period ending 23:00GMT, closing at 36.85, as the Organization of Petroleum Exporting Countries (OPEC) indicated that demand for oil in 2016 could be lower than previously expected, thus reigniting concerns over the supply glut.
However, oil prices pared losses, after the American Petroleum Institute (API) reported that US oil inventories rose less-than-expected by 1.5 million barrels to 523.0 million barrels in the week ended 11 March, while investors had anticipated an increase of 3.4 million barrels.
In the Asian session, at GMT0400, the pair is trading at 36.91, with the oil trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 36.23, and a fall through could take it to the next support level of 35.54. The pair is expected to find its first resistance at 37.33, and a rise through could take it to the next resistance level of 37.74.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
