Crude Oil Movement
Crude Oil prices declined 1.36% against the USD for the 24 hour period ending 23:00GMT, closing at 93.56, despite the Energy Information Administration (EIA) reporting a more-than-expected drop of 4.5 million barrels for the week ended August 15.
In the Asian session, at GMT0300, Crude Oil is trading at 93.38, 0.19% lower from yesterday’s close.
Crude oil is expected to find support at 92.33, and a fall through could take it to the next support level of 91.28. Crude oil is expected to find its first resistance at 95.45, and a rise through could take it to the next resistance level of 97.52.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
