Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.4% against the USD and closed at USD47.58 per barrel, after Iran showed signs of cooperation in a deal to stabilise the market.
However, gains in crude prices were kept in check after the American Petroleum Institute (API) disclosed that US crude stockpiles recorded a surprise build of 4.5 million barrels to 526.3 million barrels during the last week, further adding to supply glut concerns.
In the Asian session, at GMT0300, the pair is trading at 47.56, with the oil trading a tad lower from yesterday’s close.
The pair is expected to find support at 46.66, and a fall through could take it to the next support level of 45.76. The pair is expected to find its first resistance at 48.39, and a rise through could take it to the next resistance level of 49.22.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
