Crude Oil Movement
Crude Oil prices declined 5.90% against the USD for the 24 hour period ending 23:00GMT, closing at 48.83, after the Energy Information Administration showed that the US crude stockpiles expanded more than anticipated by 6.3 million barrels to 413.0 million barrels in the week ended January 30, against an expected increase of 2.8 million barrels, thereby resurfacing concerns of a global supply glut.
In the Asian session, at GMT0400, the pair is trading at 48.73, with the oil trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 46.93, and a fall through could take it to the next support level of 45.13. The pair is expected to find its first resistance at 51.54, and a rise through could take it to the next resistance level of 54.35.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
