Crude Oil Movement
Crude Oil prices advanced 2.93% against the USD for the 24-hour period ending 23:00GMT, closing at 44.60, amid expectations that oil supply disruptions in Canada and Nigeria would help alleviate the persistent global supply glut.
However, the gains in oil prices were capped, after the American Petroleum Institute (API) reported that US oil inventories rose by 3.5 million barrels to a record high level of 543.1 million barrels during the week ended May 06.
In the Asian session, at GMT0300, the pair is trading at 44.51, with the oil trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 43.52, and a fall through could take it to the next support level of 42.54. The pair is expected to find its first resistance at 45.14, and a rise through could take it to the next resistance level of 45.78.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
