Crude Oil Movement
Crude Oil prices advanced 2.21% against the USD for the 24 hour period ending 23:00GMT, closing at 56.77, after the US economy expanded at the quickest pace in more than a decade, thus bolstered the demand outlook of the commodity from the world’s biggest consumer of oil. Oil prices were further boosted following optimistic comments from OPEC members, projecting oil prices to bounce back to around $70 to $80 per barrel by the end of 2015.
Meanwhile, the American Petroleum Institute indicated that the US oil inventories increased 5.4 million barrels last week.
In the Asian session, at GMT0400, the pair is trading at 56.72, with the oil trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 55.33, and a fall through could take it to the next support level of 53.94. The pair is expected to find its first resistance at 57.83, and a rise through could take it to the next resistance level of 58.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
