Crude Oil Movement
Crude Oil prices declined 1.51% against the USD for the 24 hour period ending 23:00GMT, closing at 30.73, extending its previous session losses.
Separately, the American Petroleum Institute (API) disclosed that US crude oil inventories fell by 3.9 million barrels to 480.1 million barrels in the week ended 08 January.
In the Asian session, at GMT0400, the pair is trading at 30.87, with the oil trading 0.46% higher from yesterday’s close.
The pair is expected to find support at 29.80, and a fall through could take it to the next support level of 28.72. The pair is expected to find its first resistance at 32.08, and a rise through could take it to the next resistance level of 33.28.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
