Crude Oil Movement
Crude Oil prices advanced 2.33% against the USD for the 24-hour period ending 23:00GMT, closing at 47.84, after two consecutive days of decline, amid a sharp drop in US crude stockpiles.
Yesterday, the American Petroleum Institute (API) reported that US oil inventories fell more-than-expected by 6.7 million barrels to 520.9 million barrels in the week ended 01 July, falling for the seventh consecutive week, while investors had expected a 2.3 million-barrel draw.
In the Asian session, at GMT0300, the pair is trading at 47.63, with the oil trading 0.44% lower from yesterday’s close.
The pair is expected to find support at 46.38, and a fall through could take it to the next support level of 45.14. The pair is expected to find its first resistance at 48.41, and a rise through could take it to the next resistance level of 49.20.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
