Crude Oil Movement
Crude Oil prices advanced 2.60% against the USD for the 24 hour period ending 23:00GMT, closing at 53.30. However, during the day, oil prices had fallen sharply, after Iran reached a historic long-awaited nuclear deal with the Western powers, pouring supply in the already overflowing global oil market.
Separately, the American Petroleum Institute (API) showed that US crude oil inventories eased by 7.3 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 53.24, with the oil trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 51.58, and a fall through could take it to the next support level of 49.92. The pair is expected to find its first resistance at 54.2, and a rise through could take it to the next resistance level of 55.16.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
