Crude Oil Movement
Crude Oil prices advanced 8.41% against the USD for the 24-hour period ending 23:00GMT, closing at 43.83, after data showed that US crude stocks advanced less-than-expected last week.
The Energy Information Administration (EIA) disclosed that crude oil inventories rose by 2.1 million barrels during the week ended 15 April to a total of 538.6 million barrels, while investors had expected a 2.4 million barrel build.
In the Asian session, at GMT0300, the pair is trading at 44.06, with the oil trading 0.52% higher from yesterday’s close.
The pair is expected to find support at 41.42, and a fall through could take it to the next support level of 38.78. The pair is expected to find its first resistance at 45.48, and a rise through could take it to the next resistance level of 46.90.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
