Crude Oil Movement
Crude Oil prices advanced 2.22% against the USD for the 24-hour period ending 23:00GMT, closing at 50.27, after the American Petroleum Institute (API) reported that US oil inventories fell more-than-expected by 5.2 million barrels to 531.5 million barrels in the week ended June 17, while investors had expected a 1.7 million-barrel draw.
In the Asian session, at GMT0300, the pair is trading at 50.05, with the oil trading 0.44% lower from yesterday’s close.
The pair is expected to find support at 49.12, and a fall through could take it to the next support level of 48.18. The pair is expected to find its first resistance at 50.72, and a rise through could take it to the next resistance level of 51.38.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
