Crude Oil Movement
Crude Oil prices declined 0.62% against the USD for the 24 hour period ending 23:00GMT, closing at 44.77.
However, oil prices pared its losses, after the Energy Information Administration (EIA) disclosed that US crude oil stocks surprisingly fell by 2.1 million barrels to 455.9 million barrels in the week ended 11 September, compared to an anticipated gain of 1.2 million barrels.
In the Asian session, at GMT0300, the pair is trading at 47.05, with the oil trading 5.09% higher from yesterday’s close.
The pair is expected to find support at 45.39, and a fall through could take it to the next support level of 43.73. The pair is expected to find its first resistance at 48.14, and a rise through could take it to the next resistance level of 49.23.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
