Crude Oil Movement
Crude Oil prices advanced 0.90% against the USD for the 24 hour period ending 23:00GMT, closing at 53.75, after the EIA in its weekly report indicated that crude oil inventories in the US slid 1.75 million barrels in the week ended 26 December 2014. In the previous week, crude oil inventories had risen 7.27 million barrels.
At GMT 04:00, Oil is trading at USD 53.92 per barrel in the Asian session, 0.32% higher from 23:00GMT.
The pair is expected to find support at 53.09, and a fall through could take it to the next support level of 52.26. The pair is expected to find its first resistance at 54.93, and a rise through could take it to the next resistance level of 55.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
