Crude Oil: Oil prices fell as API reported rise in the US crude oil inventories, trading flat this morning

Crude Oil

Crude Oil Movement

Crude Oil prices declined 1.39% against the USD for the 24 hour period ending 23:00GMT, closing at 95.58, amid rise in the US crude oil inventories.

Late yesterday, the American Petroleum Institute (API) reported that the US crude oil inventories rose by 2.4 million barrels on the week ended September 14. Gasoline stockpiles rose 135,000 barrels, and supplies of distillates fell 1.1 million barrels.

Separately, oil prices came under pressure amid reports that Saudi Arabia is working to lower oil prices and is producing around 10 million barrels per day.

In the Asian session, at GMT0300, Crude Oil is trading at 95.58, flat from yesterday’s close.

Crude oil is expected to find support at 94.72, and a fall through could take it to the next support level of 93.85. Crude oil is expected to find its first resistance at 96.84, and a rise through could take it to the next resistance level of 98.09.

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

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