Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.34% against the USD and closed at USD49.80 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 1.4 million barrels to 470.3 million barrels in the week ended 15 September.
However, losses in crude prices were trimmed, after Iraqi Oil Minister, Jabar al-Luaibi, indicated that Iraq and other OPEC members are considering a proposal to extend or even deepen a supply cut agreement to curb a global glut beyond March 2018.
In the Asian session, at GMT0300, the pair is trading at 49.78, with the oil trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 49.27, and a fall through could take it to the next support level of 48.75. The pair is expected to find its first resistance at 50.36, and a rise through could take it to the next resistance level of 50.93.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
