Crude Oil Movement
Crude Oil prices declined 1.42% against the USD for the 24-hour period ending 23:00GMT, closing at 47.81, dropping for the fourth straight session, after the American Petroleum Institute (API) reported that US oil inventories unexpectedly rose by 1.2 million barrels to 536.7 million barrels in the week ended June 10.
Separately, the International Energy Agency (IEA) indicated that the global oil market appears to have balanced after two years of surpluses and also upwardly revised its demand-growth forecast for 2016 to 1.3 million barrels a day from 1.2 million barrels per day.
In the Asian session, at GMT0300, the pair is trading at 47.77, with the oil trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 47.32, and a fall through could take it to the next support level of 46.86. The pair is expected to find its first resistance at 48.46, and a rise through could take it to the next resistance level of 49.14.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
