Crude Oil Movement
Crude Oil prices declined 4.06% against the USD for the 24 hour period ending 23:00GMT, closing at 40.65, after the EIA reported that the US crude oil inventories rose 2.6 million, the highest since April, for the week ended 14 August.
In the Asian session, at GMT0300, the pair is trading at 40.45, with crude oil prices trading 0.49% lower from yesterday’s close.
The pair is expected to find support at 39.67, and a fall through could take it to the next support level of 38.89. The pair is expected to find its first resistance at 41.95, and a rise through could take it to the next resistance level of 43.45.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
