Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.18% against the USD and closed at 42.72, after the latest American Petroleum Institute (API) weekly crude stockpiles data recorded a smaller-than-expected draw of 0.8million barrels to 520.0 million barrels in the last week.
In the Asian session, at GMT0300, the pair is trading at 42.84, with the oil trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 42.38, and a fall through could take it to the next support level of 41.91. The pair is expected to find its first resistance at 43.29, and a rise through could take it to the next resistance level of 43.73.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
