Crude Oil Movement
Crude Oil prices declined 2.34% against the USD for the 24-hour period ending 23:00GMT, closing at 43.77, after reports emerged of increased oil production in the Middle East, reinvigorating concerns about global supply glut.
Separately, the American Petroleum Institute (API) reported that US oil inventories rose less-than-anticipated by 1.3 million barrels last week, while investors had expected a 1.7 million barrel build.
In the Asian session, at GMT0300, the pair is trading at 43.6, with the oil trading 0.39% lower from yesterday’s close.
The pair is expected to find support at 42.83, and a fall through could take it to the next support level of 42.06. The pair is expected to find its first resistance at 44.86, and a rise through could take it to the next resistance level of 46.12.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
