Crude Oil Movement
Crude Oil prices declined 2.74% against the USD for the 24 hour period ending 23:00GMT, closing at 42.53, after the American Petroleum Institute (API) data showed that US crude oil stocks expanded by 10.5 million to 450 million barrels in the week ended 13 March, thus adding to the supply glut.
In the Asian session, at GMT0400, the pair is trading at 42.69, with the oil trading 0.38% higher from yesterday’s close.
The pair is expected to find support at 42.00, and a fall through could take it to the next support level of 41.31. The pair is expected to find its first resistance at 43.79, and a rise through could take it to the next resistance level of 44.89.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
