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Crude Oil: Oil Extends Its Gains In The Asian Session, Ahead Of EIA's Weekly Crude Oil Inventories Data Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Wed Nov 22 17 03:28 ET

For the 24 hours to 23:00 GMT, Crude Oil rose 1.37% against the USD and closed at USD57.12 per barrel, after the American Petroleum Institute (API) reported that US crude oil stockpiles fell more-than-anticipated by 6.4 million barrels to 455.4 million barrels during the week ended 17 November.

In the Asian session, at GMT0400, the pair is trading at 57.73, with oil trading 1.07% higher against the USD from yesterday's close.

The pair is expected to find support at 56.77, and a fall through could take it to the next support level of 55.82. The pair is expected to find its first resistance at 58.24, and a rise through could take it to the next resistance level of 58.76.

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

GCI Financial

DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

 

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