Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.44% against the USD and closed at USD46.00 per barrel, pressured by monthly report from the Energy Information Administration (EIA) that forecasted a monthly rise in US shale-oil production in August.
In the Asian session, at GMT0300, the pair is trading at 46.12, with the oil trading 0.26% higher against the USD from yesterday’s close.
The pair is expected to find support at 45.71, and a fall through could take it to the next support level of 45.31. The pair is expected to find its first resistance at 46.70, and a rise through could take it to the next resistance level of 47.29.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
