Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.16% against the USD and closed at USD49.97 per barrel, on renewed optimism over crude demand outlook as US refineries continued to restart after getting knocked out by Hurricane Harvey.
Meanwhile, gains in crude prices were limited, after the Energy Information Administration (EIA) predicted a rise of 79,000 barrels a day to 6.1 million bpd in seven major US crude-oil shale plays in October.
In the Asian session, at GMT0300, the pair is trading at 49.89, with the oil trading 0.16% lower against the USD from yesterday’s close.
The pair is expected to find support at 49.28, and a fall through could take it to the next support level of 48.66. The pair is expected to find its first resistance at 50.42, and a rise through could take it to the next resistance level of 50.94.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
