Crude Oil Movement
Crude Oil prices declined 1.57% against the USD for the 24 hour period ending 23:00GMT, closing at 51.96, after the Energy Information Administration (EIA) revealed that crude stockpiles in US unexpectedly increased last week.
The EIA disclosed that crude oil inventories rose by 0.4 million barrels to 465.8 million barrels in the week ended 03 July, against an anticipated drop of 1.1 million barrels.
Additionally, China being the second largest global consumer of oil, its plunging stock market continued to weigh on the commodity’s price.
In the Asian session, at GMT0300, the pair is trading at 52.15, with the oil trading 0.37% higher from yesterday’s close.
The pair is expected to find support at 51.0833, and a fall through could take it to the next support level of 50.0167. The pair is expected to find its first resistance at 53.0433, and a rise through could take it to the next resistance level of 53.9367.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
