Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.32% against the USD and closed at USD50.79 per barrel, after the American Petroleum Institute (API) reported an unexpected draw of 3.8 million barrels in the US crude oil inventories to 497.7 million barrels in the last week.
Additionally, an upbeat statement on OPEC’s planned output cut by the Secretary General of the OPEC, Mohammed Barkindo, also supported crude prices.
In the Asian session, at GMT0300, the pair is trading at 50.76, with the oil trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 50.03, and a fall through could take it to the next support level of 49.3. The pair is expected to find its first resistance at 51.22, and a rise through could take it to the next resistance level of 51.68.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
