Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 4.08% against the USD and closed at USD54.06 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories slid by 0.8 million barrels in the week ended 14 June 2019.

In the Asian session, at GMT0300, the pair is trading at 53.97, with oil trading 0.17% lower against the USD from yesterday’s close.

The pair is expected to find support at 52.19, and a fall through could take it to the next support level of 50.40. The pair is expected to find its first resistance at 55.07, and a rise through could take it to the next resistance level of 56.16.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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