Crude Oil Movement
Crude Oil prices declined 2.00% against the USD for the 24-hour period ending 23:00GMT, closing at 38.63, after Kuwait and Saudi Arabia announced their decision to resume oil production at the jointly operated 300,000-barrel-per-day Khafji field, further adding to the ongoing supply glut concern.
Separately, the American Petroleum Institute (API) reported that US oil inventories rose by 2.6 million barrels to 534.4 million barrels last week, compared to investor expectations for a 3.3 million barrel build.
In the Asian session, at GMT0300, the pair is trading at 38.69, with the oil trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 37.96, and a fall through could take it to the next support level of 37.23. The pair is expected to find its first resistance at 39.37, and a rise through could take it to the next resistance level of 40.05.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
