Crude Oil Movement
Crude Oil prices declined 0.10% against the USD for the 24 hour period ending 23:00GMT, closing at 41.68, after an unexpected rise in US crude stockpiles.
The American Petroleum Institute (API) reported that US crude oil inventories increased by 1.6 million barrels in the week ended 27 November, while investors had expected it to decrease by 0.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 41.64, with the oil trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 41.13, and a fall through could take it to the next support level of 40.62. The pair is expected to find its first resistance at 42.19, and a rise through could take it to the next resistance level of 42.74.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
