Crude Oil Movement
Crude Oil prices declined 0.59% against the USD for the 24 hour period ending 23:00GMT, closing at 94.57, after the Energy Information Administration (EIA) reported that the US crude oil inventories dropped less than expected by 0.9 million barrels during the week ended 29 August to 359.6 million barrels against an anticipated decline of 2 million barrels.
In the Asian session, at GMT0300, the pair is trading at 94.45, with the EUR trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 93.9433, and a fall through could take it to the next support level of 93.4367. The pair is expected to find its first resistance at 95.1733, and a rise through could take it to the next resistance level of 95.8967.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
