Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 0.07% against the USD and closed at 28.42, extending its previous session losses, as supply glut fears deepen. Yesterday, the American Petroleum Institute (API) disclosed that US crude oil inventories rose more than expected by 4.6 million barrels to 485.2 million barrels in the week ended 15 January.
In the Asian session, at GMT0400, the pair is trading at 28.55, with the oil trading 0.46% higher from yesterday’s close.
The pair is expected to find support at 27.67, and a fall through could take it to the next support level of 26.79. The pair is expected to find its first resistance at 29.31, and a rise through could take it to the next resistance level of 30.07.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
