Crude Oil Movement
Crude Oil prices advanced 0.14% against the USD for the 24 hour period ending 23:00GMT, closing at 56.42, as tensions escalated in Yemen.
However, gains in oil prices were kept in check, after the American Petroleum Institute (API) showed that US crude oil stocks rose more than expected by 5.5 million barrels last week, against market expected increase of 2.5 million barrels.
In the Asian session, at GMT0300, the pair is trading at 56.07, with the oil trading 0.62% lower from yesterday’s close.
The pair is expected to find support at 55.26, and a fall through could take it to the next support level of 54.45. The pair is expected to find its first resistance at 57.46, and a rise through could take it to the next resistance level of 58.85.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
