Crude Oil Movement
Crude Oil prices advanced 0.65% against the USD for the 24 hour period ending 23:00GMT, closing at 63.33, rebounding from its previous session losses.
Yesterday, the American Petroleum Institute (API) revealed that the US crude stockpiles unexpectedly increased by 4.4 million barrels last week, against an anticipated drop of 2.2 million barrels.
In the Asian session, at GMT0400, the pair is trading at 62.98, with the oil trading 0.55% lower from yesterday’s close.
The pair is expected to find support at 62.12, and a fall through could take it to the next support level of 61.27. The pair is expected to find its first resistance at 64.01, and a rise through could take it to the next resistance level of 65.05.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
