Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 3.53% against the USD and closed at 27.34, as concerns about global supply glut offset data indicating a surprise contraction in US crude oil inventories. Yesterday, the Energy Information Administration (EIA) in its weekly report disclosed, that US crude stockpiles unexpectedly decreased by 0.75 million barrels in the week ended 05 February, while markets expected an increase of 3.6 million barrels.
In the Asian session, at GMT0400, the pair is trading at 26.90, with the oil trading 1.61% lower from yesterday’s close.
The pair is expected to find support at 26.01, and a fall through could take it to the next support level of 25.11. The pair is expected to find its first resistance at 28.51, and a rise through could take it to the next resistance level of 30.11.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
