Crude Oil Movement
Crude Oil prices declined 0.16% against the USD for the 24 hour period ending 23:00GMT, closing at 56.33, after the weekly oil inventory report from the EIA showed that crude oil stocks expanded more than expected, amid continued tensions in the Middle East.
Yesterday, the Energy Information Administration (EIA) reported that US crude stockpiles increased by 5.3 million barrels in the week ended 17 April to 489.0 million barrels, against an anticipated rise of 2.6 million barrels.
In the Asian session, at GMT0300, the pair is trading at 56.27, with the oil trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 55.60, and a fall through could take it to the next support level of 54.93. The pair is expected to find its first resistance at 57.06, and a rise through could take it to the next resistance level of 57.85.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
