Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 5.33% against the USD and closed at 45.29, after the Energy Information Administration (EIA) indicated that US crude oil inventories declined less-than-expected by 2.2 million barrels to a level of 524.4 million barrels in the week ended 01 July 2016.
In the Asian session, at GMT0300, the pair is trading at 45.66, with the oil trading 0.82% higher from yesterday’s close.
The pair is expected to find support at 44.27, and a fall through could take it to the next support level of 42.88. The pair is expected to find its first resistance at 47.65, and a rise through could take it to the next resistance level of 49.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
