Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 4.91% against the USD and closed at 32.07, after Russia showed signs of co-operation with OPEC to reduce the global supply glut.
Separately, the Energy Information Administration (EIA) in its weekly report disclosed, that US crude stockpiles increased by 8.4 million barrels in the week ended 22 January to 494.9 million barrels, the highest on record.
In the Asian session, at GMT0400, the pair is trading at 31.86, with the oil trading 0.65% lower from yesterday’s close.
The pair is expected to find support at 30.39, and a fall through could take it to the next support level of 28.91. The pair is expected to find its first resistance at 33.09, and a rise through could take it to the next resistance level of 34.31.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
