Crude Oil Movement
Crude Oil prices declined 0.89% against the USD for the 24 hour period ending 23:00GMT, closing at 44.51, after the Energy Information Administration (EIA) disclosed a strong build-up in US crude oil stocks.
The EIA revealed that US crude oil inventories expanded by 4.0 million barrels to 457.9 million barrels in the week ended 25 September, against an anticipated increase of 0.1 million barrels.
In the Asian session, at GMT0300, the pair is trading at 45.69, with the oil trading 2.65% higher from yesterday’s close.
The pair is expected to find support at 44.98, and a fall through could take it to the next support level of 44.27. The pair is expected to find its first resistance at 46.12, and a rise through could take it to the next resistance level of 46.55.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
