Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 4.71% against the USD and closed at 29.76, recovering from its earlier session losses.
Yesterday, the Energy Information Administration’s (EIA) in its weekly report disclosed, that US crude stockpiles increased more than expected by 4.0 million barrels in the week ended January 15 while market expected a crude-stock rise of 2.8 million barrels.
In the Asian session, at GMT0400, the pair is trading at 29.64, with the oil trading 0.4% lower from yesterday’s close.
The pair is expected to find support at 28.26, and a fall through could take it to the next support level of 26.87. The pair is expected to find its first resistance at 30.64, and a rise through could take it to the next resistance level of 31.63.
Crude oil is trading above its 20 Hr and 50 Hr moving average.
