Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.06% against the USD and closed at USD52.47 per barrel, reversing its previous session losses.
Separately, the Energy Information Administration (EIA) reported that US crude stockpiles jumped by 13.8 million barrels to 508.6 million barrels in the week ended 03 February 2017.
In the Asian session, at GMT0400, the pair is trading at 52.58, with the oil trading 0.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 51.81, and a fall through could take it to the next support level of 51.04. The pair is expected to find its first resistance at 53.01, and a rise through could take it to the next resistance level of 53.44.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
