Crude Oil Movement
Crude Oil prices advanced 1.40% against the USD for the 24-hour period ending 23:00GMT, closing at 42.71, after tensions in the Middle East raised concerns over prospective oil supply disruptions.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories increased by 2.6 million barrels in the week ended 20 November, double than that expected by investors.
In the Asian session, at GMT0400, the pair is trading at 42.85, with the oil trading 0.33% higher from yesterday’s close.
The pair is expected to find support at 41.99, and a fall through could take it to the next support level of 41.12. The pair is expected to find its first resistance at 43.59, and a rise through could take it to the next resistance level of 44.32.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
