Crude Oil Movement
Crude Oil prices declined 3.24% against the USD for the 24 hour period ending 23:00GMT, closing at 44.77, as the demand outlook for the commodity continued to weigh on oil prices.
Oil prices failed to recover, despite the American Petroleum Institute (API) disclosing a sharp decline of 3.7 million barrels in US crude oil inventories last week, against an anticipated a fall of 700,000.
In the Asian session, at GMT0300, the pair is trading at 46.19, with the oil trading 3.17% higher from yesterday’s close.
The pair is expected to find support at 45.47, and a fall through could take it to the next support level of 44.76. The pair is expected to find its first resistance at 46.79, and a rise through could take it to the next resistance level of 47.40.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
