Crude Oil Movement
Crude Oil prices advanced 3.09% against the USD for the 24-hour period ending 23:00GMT, closing at USD46.11 per barrel, reversing its previous session losses, after the American Petroleum Institute (API) disclosed that US crude oil inventories unexpectedly plunged 12.1 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 46.34, with the oil trading 0.50% higher from yesterday’s close.
The pair is expected to find support at 45.12, and a fall through could take it to the next support level of 43.9. The pair is expected to find its first resistance at 46.99, and a rise through could take it to the next resistance level of 47.64.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
