Crude Oil Movement
Crude Oil prices advanced 1.16% against the USD for the 24 hour period ending 23:00GMT, closing at 50.58.
However, the commodity pared most of its gains, after the American Petroleum Institute (API) disclosed that US crude oil stocks expanded by 2.3 million barrels last week, suggesting rising US crude oil inventories.
In the Asian session, at GMT0300, the pair is trading at 50.08, with the oil trading 0.99% lower from yesterday’s close.
The pair is expected to find support at 49.54, and a fall through could take it to the next support level of 49.00. The pair is expected to find its first resistance at 51.01, and a rise through could take it to the next resistance level of 51.94.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
