Crude Oil Movement
Crude Oil prices jumped 3.30% against the USD for the 24-hour period ending 23:00GMT, closing at 48.22, climbing for the first time in three sessions, as a potential strike by Norwegian oil workers threatened to cut crude supply.
Additionally, the American Petroleum Institute (API) reported that US oil inventories fell more-than-expected by 3.9 million barrels to 527.6 million barrels in the week ended June 24, falling for the sixth consecutive week, while investors had expected a 2.4 million-barrel draw.
In the Asian session, at GMT0300, the pair is trading at 48.25, with the oil trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 47.18, and a fall through could take it to the next support level of 46.12. The pair is expected to find its first resistance at 48.85, and a rise through could take it to the next resistance level of 49.46.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
