Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.76% against the USD and closed at 41.50, after the Energy Information Administration (EIA) revealed that the US crude oil inventories rose more-than-forecasted by 1.1 million barrels to 523.8 million barrels during the last week, rising for the third consecutive week.
In the Asian session, at GMT0300, the pair is trading at 41.48, with the oil trading a tad lower from yesterday’s close.
The pair is expected to find support at 40.71, and a fall through could take it to the next support level of 39.94. The pair is expected to find its first resistance at 42.82, and a rise through could take it to the next resistance level of 44.16.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
