Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.55% against the USD and closed at USD58.01 per barrel, after the Energy Information Administration (EIA) reported that US crude oil stockpiles fell more-than-anticipated by 6.5 million barrels to 436.0 million barrels in the week ended 15 December, dropping to its lowest level since October 2015.
In the Asian session, at GMT0400, the pair is trading at 58.05, with oil trading 0.07% higher against the USD from yesterday’s close.
The pair is expected to find support at 57.62, and a fall through could take it to the next support level of 57.19. The pair is expected to find its first resistance at 58.30, and a rise through could take it to the next resistance level of 58.55.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
