Crude Oil Movement
Crude Oil prices advanced 2.84% against the USD for the 24-hour period ending 23:00GMT, closing at 49.19, after the American Petroleum Institute (API) reported that US oil inventories fell more-than-expected by 5.1 million barrels during the week ended May 20.
In the Asian session, at GMT0300, the pair is trading at 49.24, with the oil trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 48.14, 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 49.85, and a rise through could take it to the next resistance level of 50.45.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
