Crude Oil Movement
Crude Oil prices declined 3.07% against the USD for the 24 hour period ending 23:00GMT, closing at 44.19, after the Energy Information Administration (EIA), in its monthly report, trimmed its crude oil price forecast for this year and next.
Oil prices further came under pressure, after the American Petroleum Institute (API) disclosed that US crude oil inventories expanded by 2.1 million barrels for the week ended 04 September.
In the Asian session, at GMT0300, the pair is trading at 43.75, with the oil trading 1% lower from yesterday’s close.
The pair is expected to find support at 42.89, and a fall through could take it to the next support level of 42.03. The pair is expected to find its first resistance at 45.43, and a rise through could take it to the next resistance level of 47.11.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
