Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil surged 3.68% against the USD and closed at USD44.84 per barrel, after the American Petroleum Institute (API) reported a substantial draw of 7.5 million barrels in the US crude oil inventories to 507.2 million barrels during last week, dropping unexpectedly for the third straight week.
In the Asian session, at GMT0300, the pair is trading at 44.82, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 43.54, and a fall through could take it to the next support level of 42.26. The pair is expected to find its first resistance at 45.62, and a rise through could take it to the next resistance level of 46.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
