Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.15% against the USD and closed at 39.69, extending its previous session losses. However, the American Petroleum Institute (API) disclosed that US crude stockpiles fell by 1.3 million barrels to 518.7 million barrels in the last week.
In the Asian session, at GMT0300, the pair is trading at 39.79, with the oil trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 39.06, and a fall through could take it to the next support level of 38.34. The pair is expected to find its first resistance at 40.71, and a rise through could take it to the next resistance level of 41.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
