Crude Oil Movement
Crude Oil prices declined 1.59% against the USD for the 24-hour period ending 23:00GMT, closing at 49.47, after a smaller-than-expected drawdown in US inventories.
Yesterday, the Energy Information Administration (EIA) report indicated that US crude oil inventories declined by 0.92 million barrels during the week ended June 17 to a level of 530.6 million barrels, compared to market expectations for a 5.2-million-barrel drop.
In the Asian session, at GMT0300, the pair is trading at 49.57, with the oil trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 48.47, and a fall through could take it to the next support level of 47.36. The pair is expected to find its first resistance at 50.61, and a rise through could take it to the next resistance level of 51.64.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
