Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.5% against the USD and closed at USD50.60 per barrel.
Separately, the Energy Information Administration (EIA) disclosed that US crude stockpiles swelled 4.9 million barrels to 504.6 million barrels in the week ended 07 October 2016, the first crude inventory build in six weeks.
In the Asian session, at GMT0300, the pair is trading at 50.57, with the oil trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 49.69, and a fall through could take it to the next support level of 48.80. The pair is expected to find its first resistance at 51.13, and a rise through could take it to the next resistance level of 51.68.
Crude oil is trading above its 20 Hr and 50 Hr moving average.
