Crude Oil Movement
Crude Oil prices advanced 3.36% against the USD for the 24 hour period ending 23:00GMT, closing at 61.27, as the Organization of the Petroleum Exporting Countries (OPEC) raised its 2015 world oil demand growth forecast to 1.18 million barrels per day (bpd), from its previous estimate of 1.17 million barrels per day.
Oil prices further gained ground, after the American Petroleum Institute (API) showed that US crude inventories fell by 2 million barrels in the week ended 08 May, compared to an anticipated increase of 0.386 million barrels.
In the Asian session, at GMT0300, the pair is trading at 61.21, with the oil trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 59.61, and a fall through could take it to the next support level of 58.02. The pair is expected to find its first resistance at 62.31, and a rise through could take it to the next resistance level of 63.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
