Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.58% against the USD and closed at USD69.65 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell more than estimated by 2.6 million barrels to 405.8 million in the week ended 24 August.
In the Asian session, at GMT0300, the pair is trading at 69.64, with oil trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 68.75, and a fall through could take it to the next support level of 67.86. The pair is expected to find its first resistance at 70.15, and a rise through could take it to the next resistance level of 70.66.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
