Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.85% against the USD and closed at USD45.19 per barrel, after the International Energy Agency (IEA) slashed its global oil demand forecast for this year and the next, signalling that global crude glut could persist for a much longer period than anticipated.
Separately, the American Petroleum Institute (API) reported that US crude stockpiles rose less-than-expected by 1.4 million barrels during the week ended 09 September 2016.
In the Asian session, at GMT0300, the pair is trading at 45.11, with the oil trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 44.60, and a fall through could take it to the next support level of 44.08. The pair is expected to find its first resistance at 45.80, and a rise through could take it to the next resistance level of 46.48.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
