Crude Oil Movement
Crude Oil prices declined 0.80% against the USD for the 24 hour period ending 23:00GMT, closing at 40.67, the Energy Information Administration (EIA) disclosed that US crude-oil stockpiles rose by 0.3 million barrels to 487.3 million barrels last week, marking the eight consecutive week of increases. Investors had expected supplies to increase by 2.0 million barrels.
In the Asian session, at GMT0400, the pair is trading at 40.92, with the oil trading 0.61% higher from yesterday’s close.
The pair is expected to find support at 40.04, and a fall through could take it to the next support level of 39.15. The pair is expected to find its first resistance at 41.68, and a rise through could take it to the next resistance level of 42.43.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
