Crude Oil Movement
Crude Oil prices declined 2.54% against the USD for the 24 hour period ending 23:00GMT, closing at 48.68, as a broad strength in the greenback decreased the demand for the commodities as an alternative investment.
Yesterday, the American Petroleum Institute (API) data revealed that US crude oil stocks fell by 404,000 barrels in the last week.
In the Asian session, at GMT0400, the pair is trading at 48.92, with the oil trading 0.49% higher from yesterday’s close.
The pair is expected to find support at 47.96, and a fall through could take it to the next support level of 47.00. The pair is expected to find its first resistance at 50.12, and a rise through could take it to the next resistance level of 51.32.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
