Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.84% against the USD and closed at USD 45.11 per barrel, after the Energy Information Administration (EIA) indicated that US crude oil inventories fell less-than-expected by 2.5 million barrels to 521.9 million barrels in the week ended 8 July 2016.
In the Asian session, at GMT0300, the pair is trading at 45.22, with the oil trading 0.24% higher from yesterday’s close.
The pair is expected to find support at 44.28, and a fall through could take it to the next support level of 43.35. 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 47.65.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
