Crude Oil Movement
Crude Oil prices declined 0.09% against the USD for the 24 hour period ending 23:00GMT, closing at 93.76, despite the Energy Information Administration (EIA) reporting that the US crude oil inventories dropped by 2.1 million barrels to 360.50 million barrels, in the week ended August 22.
In the Asian session, at GMT0300, Crude Oil is trading at 93.85, 0.1% higher from yesterday’s close.
Crude oil is expected to find support at 93.39, and a fall through could take it to the next support level of 92.94. Crude oil is expected to find its first resistance at 94.27, and a rise through could take it to the next resistance level of 94.70.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
