Crude Oil Movement
Crude Oil prices advanced 1.22% against the USD for the 24 hour period ending 23:00GMT, closing at 42.37, after the American Petroleum Institute (API) said that the US crude inventories dropped 2.3 million barrels in the previous week.
In the Asian session, at GMT0300, the pair is trading at 42.46, with the Crude Oil prices trading 0.21% higher from yesterday’s close, as investors eye US EIA’s government report for the week ended 14 August, due later in the day.
The pair is expected to find support at 41.62, and a fall through could take it to the next support level of 40.7933. The pair is expected to find its first resistance at 43.09, and a rise through could take it to the next resistance level of 43.73.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
