Crude Oil Movement
Crude Oil prices declined 3.77% against the USD for the 24 hour period ending 23:00GMT, closing at 40.11, after US crude stockpiles surprisingly increased in the week ended 27 November.
The Energy Information Administration (EIA) disclosed that US crude-oil inventories rose by 1.2 million barrels to 489.4 million barrels last week, marking the tenth consecutive week of increases. Investors had expected supplies to decrease by 0.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 40.14, with the oil trading marginally higher from yesterday’s close.
The pair is expected to find support at 39.33, and a fall through could take it to the next support level of 38.52. The pair is expected to find its first resistance at 41.46, and a rise through could take it to the next resistance level of 42.78.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
