Crude Oil: Oil trading on a weaker footing in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.5% against the USD and closed at USD49.53 per barrel, after the US Energy Information Administration (EIA) disclosed that US crude oil inventories fell by 1.5 million barrels to 481.9 million barrels in the week ended 28 July.

In the Asian session, at GMT0300, the pair is trading at 49.48, with the oil trading 0.1% lower against the USD from yesterday’s close.

The pair is expected to find support at 48.80, and a fall through could take it to the next support level of 48.13. The pair is expected to find its first resistance at 49.90, and a rise through could take it to the next resistance level of 50.33.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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