Crude Oil Movement
Crude Oil prices declined 0.79% against the USD for the 24-hour period ending 23:00GMT, closing at 41.19, after the American Petroleum Institute (API) reported that US oil inventories rose by 8.7 million barrels in the week ended 18 March, to reach a record high level of nearly 532.0 million barrels.
In the Asian session, at GMT0400, the pair is trading at 41.08, with the oil trading 0.27% lower from yesterday’s close.
The pair is expected to find support at 40.60, and a fall through could take it to the next support level of 40.12. The pair is expected to find its first resistance at 41.73, and a rise through could take it to the next resistance level of 42.38.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
