Crude Oil: Oil trading higher in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.15% against the USD and closed at USD45.75 per barrel, amid persistent concerns over bloating US crude inventories and reducing oil demand.

Separately, the Energy Information Administration (EIA) reported that US crude oil stockpiles fell by 5.39 million barrels to 457.77 million barrels during the week ended 25 August.

In the Asian session, at GMT0300, the pair is trading at 45.93, with the oil trading 0.39% higher against the USD from yesterday’s close.

The pair is expected to find support at 45.43, and a fall through could take it to the next support level of 44.94. The pair is expected to find its first resistance at 46.57, and a rise through could take it to the next resistance level of 47.22.

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

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