Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.37% against the USD and closed at USD48.07 per barrel, after the American Petroleum Institute (API) disclosed that US crude oil stockpiles advanced by 4.53 million barrels to 533.6 million barrels in the week ended 17 March.
In the Asian session, at GMT0400, the pair is trading at 48.13, with the oil trading 0.12% higher against the USD from yesterday’s close.
The pair is expected to find support at 47.59, and a fall through could take it to the next support level of 47.04. The pair is expected to find its first resistance at 49.08, and a rise through could take it to the next resistance level of 50.02.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
