Crude Oil Movement
Crude Oil prices advanced 4.71% against the USD for the 24 hour period ending 23:00GMT, closing at 56.05, after the International Energy Agency (IEA) revised upward its demand growth estimate for 2015 by 90,000 barrels a day to 93.6 million barrels a day, thereby raising the demand outlook of the commodity.
Oil prices were further supported, after the Energy Information Administration (EIA) showed that US crude stockpiles increased less than expected by 1.3 million barrels to 483.7 million barrels in the week ended 10 April, while analysts were anticipating an increase of 3.5 million barrels.
In the Asian session, at GMT0300, the pair is trading at 56.1, with the oil trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 54.16, and a fall through could take it to the next support level of 52.22. The pair is expected to find its first resistance at 57.36, and a rise through could take it to the next resistance level of 58.62.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
