Crude Oil Movement
Crude Oil prices advanced 0.63% against the USD for the 24 hour period ending 23:00GMT, closing at $46.05 a barrel. Yesterday, the UAE Energy Minister Suhail Al Mazrouei, stated that US Shale producers would be the first to cut output amid the price slump. Separately, the American Petroleum Institute (API) revealed that the US crude oil inventories expanded by 3.9 million barrels last week.
In the Asian session, at GMT0400, the pair is trading at 45.55, with the oil trading 1.09% lower from yesterday’s close.
The pair is expected to find support at 44.23, and a fall through could take it to the next support level of 42.92. The pair is expected to find its first resistance at 46.82, and a rise through could take it to the next resistance level of 48.10.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
