Crude Oil: Oil reverses its losses in the Asian session, ahead of EIA’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.94% against the USD and closed at USD46.28 per barrel, as investors were still swooning from fears of destruction caused by the hurricane Harvey as nearly one-fifth of the US refineries were shut down.

However, losses in crude prices were limited, after the American Petroleum Institute (API) reported that US crude oil stockpiles fell by 5.78 million barrels during the week ended 25 August.

In the Asian session, at GMT0300, the pair is trading at 46.34, with the oil trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 45.75, and a fall through could take it to the next support level of 45.15. The pair is expected to find its first resistance at 46.95, and a rise through could take it to the next resistance level of 47.55.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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