Crude Oil Movement
Crude Oil prices advanced 0.53% against the USD for the 24 hour period ending 23:00GMT, closing at 37.91, after an unexpected decline in US crude stockpiles.
Yesterday, the American Petroleum Institute (API) reported that US crude oil inventories fell by 1.9 million barrels in the week ended 04 December while investors had expected it to increase by 0.3 million barrels.
In the Asian session, at GMT0400, the pair is trading at 38.2, with the oil trading 0.76% higher from yesterday’s close.
The pair is expected to find support at 37.03, and a fall through could take it to the next support level of 35.87. The pair is expected to find its first resistance at 38.97, and a rise through could take it to the next resistance level of 39.75.
Crude oil is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
