Crude Oil Movement
Crude Oil prices advanced 1.61% against the USD for the 24-hour period ending 23:00GMT, closing at 50.40, hitting 2016 highs, after the American Petroleum Institute (API) reported that US oil inventories fell more-than-expected by 3.6 million barrels last week.
Separately, the Energy Information Administration (EIA) raised its 2016 US oil demand growth forecast to 220,000 bpd from the previous figure of 140,000 bpd.
In the Asian session, at GMT0300, the pair is trading at 50.45, with the oil trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 49.76, and a fall through could take it to the next support level of 49.06. The pair is expected to find its first resistance at 50.84, and a rise through could take it to the next resistance level of 51.22.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
