Crude Oil Movement
Crude Oil prices advanced 3.51% against the USD for the 24-hour period ending 23:00GMT, closing at 44.50, reversing its previous session losses, after the American Petroleum Institute (API) reported that US oil inventories surprisingly declined by 1.1 million barrels last week, while investors had expected a 2.4 million barrel build.
In the Asian session, at GMT0300, the pair is trading at 44.51, with the oil trading marginally higher from yesterday’s close.
The pair is expected to find support at 43.06, and a fall through could take it to the next support level of 41.62. The pair is expected to find its first resistance at 45.39, and a rise through could take it to the next resistance level of 46.28.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
