Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 4.01% against the USD and closed at 46.43, after a report from the Organisation of the Petroleum Exporting Countries (OPEC) disclosed that oil market was likely to find a balance in supply-demand by next year.
However, crude prices pared some gains after the American Petroleum Institute (API) reported a surprise build of 2.2 million barrels to 523.1 million barrels in US crude stockpiles last week.
In the Asian session, at GMT0300, the pair is trading at 46.47, with the oil trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 45.12, and a fall through could take it to the next support level of 43.76. The pair is expected to find its first resistance at 47.38, and a rise through could take it to the next resistance level of 48.28.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
