Crude Oil Movement
Crude Oil prices advanced 1.10% against the USD for the 24-hour period ending 23:00GMT, closing at 40.43. However, the gains in oil prices were capped after the American Petroleum Institute (API) reported that US oil inventories rose more-than-expected by 3.1 million barrels in the week ended 15 April. Investors had expected a 1.6 million barrel build.
In the Asian session, at GMT0300, the pair is trading at 40.2, with the oil trading 0.57% lower from yesterday’s close.
Earlier today, Kuwaiti oil workers ended a three-day strike and pledged to immediately return production to its previous levels.
The pair is expected to find support at 39.34, and a fall through could take it to the next support level of 38.49. The pair is expected to find its first resistance at 41.29, and a rise through could take it to the next resistance level of 42.39.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
