Crude Oil Movement
Crude Oil prices declined 0.46% against the USD for the 24 hour period ending 23:00GMT, closing at 39.32. Meanwhile, EIA reported a fall of 5.5 million barrels in its US crude oil stock for the week ended 21 August.
In the Asian session, at GMT0300, the pair is trading at 39.53, with crude oil prices trading 0.53% higher from yesterday’s close as upbeat durable goods data from the US improved the demand outlook of the world’s largest economy.
The pair is expected to find support at 38.74, and a fall through could take it to the next support level of 37.96. The pair is expected to find its first resistance at 40.08, and a rise through could take it to the next resistance level of 40.64.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
