Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil climbed 2.57% against the USD and closed at USD53.47 per barrel, after the American Petroleum Institute (API) reported a larger than expected draw of 4.2 million barrels in the US crude stockpiles last week.
In the Asian session, at GMT0400, the pair is trading at 53.51, with the oil trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 52.36, and a fall through could take it to the next support level of 51.20. The pair is expected to find its first resistance at 54.22, and a rise through could take it to the next resistance level of 54.92.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
