Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.84% against the USD and closed at USD49.17, after the American Petroleum Institute (API) reported that US crude oil inventories unexpectedly fell by 7.6 million barrels to 498.8 million barrels during the last week.
In the Asian session, at GMT0300, the pair is trading at 49.14, with the oil trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 48.50, and a fall through could take it to the next support level of 47.86. The pair is expected to find its first resistance at 49.54, and a rise through could take it to the next resistance level of 49.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
