Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.85% against the USD and closed at USD43.78 per barrel, reversing its previous session losses.
Meanwhile, the American Petroleum Institute (API) reported a surprise increase of 851,000 barrel in the US crude oil inventories, taking the total to 509.5 million barrels in the week ended 23 June.
In the Asian session, at GMT0300, the pair is trading at 44.09, with the oil trading 0.71% higher against the USD from yesterday’s close.
The pair is expected to find support at 43.52, and a fall through could take it to the next support level of 42.95. The pair is expected to find its first resistance at 44.55, and a rise through could take it to the next resistance level of 45.01.
Crude oil is trading/showing convergence with its 20 Hr and 50 Hr moving average.
