Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.71% against the USD and closed at USD52.28 per barrel, after news emerged that Saudi Arabia, the world’s top oil exporter, has trimmed crude oil exports to Asia.
However, oil prices pared some of its gains after the Energy Information Administration reported a build of 4.1 million barrels in US crude oil inventories to 483.1 million barrels during the week ended 06 January 2017.
In the Asian session, at GMT0400, the pair is trading at 52.18, with the oil trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 51.03, and a fall through could take it to the next support level of 49.87. The pair is expected to find its first resistance at 53.06, and a rise through could take it to the next resistance level of 53.93.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
