Crude Oil Movement
Crude Oil prices advanced 1.19% against the USD for the 24-hour period ending 23:00GMT, closing at 48.45, amid a new wildfire threat on Canadian oil supplies.
Additionally, the American Petroleum Institute (API) reported that US oil inventories fell by 1.1 million barrels during the week ended May 13.
In the Asian session, at GMT0300, the pair is trading at 48.48, with the oil trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 47.75, and a fall through could take it to the next support level of 47.03. The pair is expected to find its first resistance at 48.98, and a rise through could take it to the next resistance level of 49.49.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
