Crude Oil Movement
Crude Oil prices declined 1.29% against the USD for the 24 hour period ending 23:00GMT, closing at 77.32, extending its previous session losses.
Meanwhile, the American Petroleum Institute (API) revealed that the US crude oil inventories dropped 639,000 barrels to 374.9 million barrels in the last week.
In the Asian session, at GMT0400, the pair is trading at 77.13, with the oil trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 75.84, and a fall through could take it to the next support level of 74.56. The pair is expected to find its first resistance at 78.40, and a rise through could take it to the next resistance level of 79.68.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
