Crude Oil Movement
Crude Oil prices declined 0.86% against the USD for the 24 hour period ending 23:00GMT, closing at 46.32, as concerns about a global supply glut kept the commodity’s price under pressure.
Oil prices further came under pressure, after the American Petroleum Institute (API) reported that US crude oil inventory increased by 9.3 million barrels to 465.96 million barrels last week, against market expectations for an increase of 2.8 million barrels. .
In the Asian session, at GMT0300, the pair is trading at 46.54, with the oil trading 0.47% higher from yesterday’s close.
The pair is expected to find support at 46, and a fall through could take it to the next support level of 45.46. The pair is expected to find its first resistance at 47.02, and a rise through could take it to the next resistance level of 47.50.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
