Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.63% against the USD and closed at 41.13. Meanwhile, the Energy Information Administration (EIA) indicated that the US crude oil inventories rose by 1.4 million barrels to 522.7 million barrels during the week ended 29 July.
In the Asian session, at GMT0300, the pair is trading at 41.11, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 39.73, and a fall through could take it to the next support level of 38.35. 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 42.79.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
