Crude Oil Movement
Crude Oil prices advanced 0.32% against the USD for the 24 hour period ending 23:00GMT, closing at 56.92.
Gains in oil prices were kept in check, after the American Petroleum Institute (API) reported that US crude inventories increased by 4.2 million barrels last week to a record 485.4 million barrels, against market anticipated gain of 2.2 million barrels.
In the Asian session, at GMT0300, the pair is trading at 56.89, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 56.06, and a fall through could take it to the next support level of 55.23. The pair is expected to find its first resistance at 57.77, and a rise through could take it to the next resistance level of 58.65.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
