Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.35% against the USD and closed at USD48.08 per barrel, as rising crude output in Libya and reports of lower output-cut compliance among OPEC members in April weighed on investor sentiment.
Meanwhile, the American Petroleum Institute (API) reported a substantial draw of 4.2 million barrels in US crude oil inventories, bringing the total to 528.7 million barrels in the week ended 28 April.
In the Asian session, at GMT0300, the pair is trading at 48.05, with the oil trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 47.17, and a fall through could take it to the next support level of 46.30. The pair is expected to find its first resistance at 49.10, and a rise through could take it to the next resistance level of 50.16.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
