Crude Oil Movement
Crude Oil prices advanced 0.62% against the USD for the 24 hour period ending 23:00GMT, closing at 58.72, after official data from the Energy Information Administration (EIA) showed crude stockpiles in the US declined more than expected last week.
Data showed that oil inventories narrowed by 2.7 million barrels to 482.2 million barrels in the week ended 15 May, against an expected drop of 2.0 million barrels.
Oil prices further gained ground, as fighting in Yemen continued to escalate.
In the Asian session, at GMT0300, the pair is trading at 59.12, with the oil trading 0.68% higher from yesterday’s close.
The pair is expected to find support at 58.40, and a fall through could take it to the next support level of 57.69. The pair is expected to find its first resistance at 59.52, and a rise through could take it to the next resistance level of 59.93.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
