Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.29% against the USD and closed at 45.65, after the Energy Information Administration (EIA) disclosed that US crude stockpiles fell 2.3 million barrels to 519.6 million barrels during the week ended 15 July, falling for ninth consecutive week, thus easing concerns over global supply glut.
In the Asian session, at GMT0300, the pair is trading at 45.79, with the oil trading 0.31% higher from yesterday’s close.
The pair is expected to find support at 44.85, and a fall through could take it to the next support level of 43.91. The pair is expected to find its first resistance at 46.43, and a rise through could take it to the next resistance level of 47.07.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
