Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.33% against the USD and closed at USD51.41 per barrel, after the American Petroleum Institute (API) reported that US crude stockpiles surged above expectations by 14.2 million barrels to 503.6 million barrels during the week ended 03 February 2017, recording its second biggest rise ever. Investors had anticipated a 2.5 million barrel rise in stockpiles.
In the Asian session, at GMT0400, the pair is trading at 51.53, with the oil trading 0.23% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.76, and a fall through could take it to the next support level of 50.00. The pair is expected to find its first resistance at 52.75, and a rise through could take it to the next resistance level of 53.98.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
