Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.77% against the USD and closed at USD 47.10 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell more-than-expected by 4.7 million barrels to 490.6 million barrels during the week ended 14 July.
In the Asian session, at GMT0300, the pair is trading at 47.07, with the oil trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 46.39, and a fall through could take it to the next support level of 45.70. The pair is expected to find its first resistance at 47.51, and a rise through could take it to the next resistance level of 47.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
