Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.43% against the USD and closed at USD48.66 per barrel, as a surprisingly sharp drop in US crude oil stockpiles boosted investor sentiment.
The Energy Information Administration (EIA) report indicated that US crude oil inventories fell by 7.2 million barrels to 483.4 million barrels in the week ended 21 July.
In the Asian session, at GMT0300, the pair is trading at 48.68, with the oil trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 48.07, and a fall through could take it to the next support level of 47.46. The pair is expected to find its first resistance at 49.08, and a rise through could take it to the next resistance level of 49.48.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
