Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.34% against the USD and closed at USD46.96 per barrel, reversing its previous session losses, after a report showed that oil inventories at the Cushing, Oklahoma hub in the US declined more than a million barrels in the week to 15 August.
In the Asian session, at GMT0300, the pair is trading at 47.00, with the oil trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 46.58, and a fall through could take it to the next support level of 46.15. The pair is expected to find its first resistance at 47.31, and a rise through could take it to the next resistance level of 47.61.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
