Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.36% against the USD and closed at USD49.10 per barrel, after the Energy Information Administration (EIA) report showed that US crude oil inventories surprisingly fell 0.24 million barrels to 528.20 million barrels in the week ended 10 March, recording its first decline in 10 weeks. Market participants had expected an increase of 3.0 million barrels.
In the Asian session, at GMT0400, the pair is trading at 49.14, with the oil trading 0.08% higher against the USD 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 47.79. The pair is expected to find its first resistance at 49.51, and a rise through could take it to the next resistance level of 49.87.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
