Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 4.42% against the USD and closed at USD45.88 per barrel, following an unexpected rise in US crude oil stockpiles.
The Energy Information Administration (EIA) reported that US crude oil inventories surprisingly rose by 3.3 million barrels to 513.2 million barrels in the week ended 02 June, marking the first weekly increase in nine weeks. Markets had expected for a decrease of 3.5 million barrels.
In the Asian session, at GMT0300, the pair is trading at 45.92, with the oil trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 44.97, and a fall through could take it to the next support level of 44.02. The pair is expected to find its first resistance at 47.55, and a rise through could take it to the next resistance level of 49.18.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
