Crude Oil Movement
Crude Oil prices advanced 0.92% against the USD for the 24 hour period ending 23:00GMT, closing at 61.12, after the Energy Information Administration (EIA) revealed that US crude stockpiles dipped by 6.8 million barrels to 470.6 million last week, against an anticipated decrease of 1.7 million barrels.
In the Asian session, at GMT0300, the pair is trading at 61.18, with the oil trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 60.50, and a fall through could take it to the next support level of 59.82. The pair is expected to find its first resistance at 61.84, and a rise through could take it to the next resistance level of 62.5.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
