Crude Oil Movement
Crude Oil prices declined 2.02% against the USD for the 24 hour period ending 23:00GMT, closing at 46.52, after the Energy Information Administration (EIA) revealed that the US crude inventories rose more than expected by 10.1 million barrel to 397.9 million barrels, its largest weekly increase in at least 14 years and against market expectations for an advance of 2.6 million barrels.
However, the news of the death of Saudi Arabia’s King, Abdullah led to a rebound in oil prices as uncertainties over the energy market rose.
In the Asian session, at GMT0400, the pair is trading at 47.15, with the oil trading 1.35% higher from yesterday’s close.
The pair is expected to find support at 45.65, and a fall through could take it to the next support level of 44.15. The pair is expected to find its first resistance at 48.87, and a rise through could take it to the next resistance level of 50.59.
Crude oil is trading slightly above its 20 Hr and 50 Hr moving averages.
