Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.62% against the USD and closed at USD46.36 per barrel, after the American Petroleum Institute (API) revealed that US crude stockpiles fell more-than-expected by 1.0 million barrels to 521.8 million barrels during the last week.
In the Asian session, at GMT0300, the pair is trading at 46.30, with the oil trading 0.13% lower from yesterday’s close, ahead of the Energy Information Administration’s (EIA) weekly crude oil inventories data due later in the day.
The pair is expected to find support at 45.52, and a fall through could take it to the next support level of 44.73. The pair is expected to find its first resistance at 46.91, and a rise through could take it to the next resistance level of 47.51.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
