Crude Oil Movement
Crude Oil prices advanced 1.31% against the USD for the 24 hour period ending 23:00GMT, closing at 37.25, reversing its previous session losses.
However, gains in oil prices were trimmed, after the American Petroleum Institute (API) disclosed that US crude oil inventories rose by 2.9 million barrels in the week ended 25 December, while investors had expected it to fall by 2.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 37.19, with the oil trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 36.68, and a fall through could take it to the next support level of 36.17. The pair is expected to find its first resistance at 37.82, and a rise through could take it to the next resistance level of 38.45.
Crude oil is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
