Crude Oil Movement
Crude Oil prices advanced 0.18% against the USD for the 24 hour period ending 23:00GMT, closing at 43.42, recovering from its six-year lows, after the Energy Information Administration (EIA) announced that the US oil stockpiles fell by 1.7 million barrels for the week ended 07 August.
In the Asian session, at GMT0300, the pair is trading at 43.26, with crude oil prices trading 0.37% lower from yesterday’s close.
The pair is expected to find support at 42.75, and a fall through could take it to the next support level of 42.24. The pair is expected to find its first resistance at 43.82, and a rise through could take it to the next resistance level of 44.38.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
