Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.76% against the USD and closed at USD46.20 per barrel, after the American Petroleum Institute (API) disclosed that US crude oil inventories recorded a build of 0.94 million barrels to 525.4 million barrels during the last week.
In the Asian session, at GMT0300, the pair is trading at 46.26, with the oil trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 45.51, 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 47.25, and a rise through could take it to the next resistance level of 48.24.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
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