Crude Oil Movement
Crude Oil prices advanced 0.16% against the USD for the 24 hour period ending 23:00GMT, closing at 55.48, rebounding from its earlier session losses.
Separately, the American Petroleum Institute (API) revealed that the US crude oil inventories expanded by 1.9 million barrels last week.
In the Asian session, at GMT0400, the pair is trading at 54.92, with the oil trading 1.01% lower from yesterday’s close.
The pair is expected to find support at 53.29, and a fall through could take it to the next support level of 51.67. The pair is expected to find its first resistance at 56.84, and a rise through could take it to the next resistance level of 58.77.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
