Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.68% against the USD and closed at USD51.94 per barrel, amid hopes that China would take necessary steps to boost economy. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories dropped by 0.6 million barrels to 437.0 million barrels in the week ended 11 January 2019.

In the Asian session, at GMT0400, the pair is trading at 51.96, with oil trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 50.99, and a fall through could take it to the next support level of 50.01. The pair is expected to find its first resistance at 52.62, and a rise through could take it to the next resistance level of 53.27.

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

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