Crude Oil Movement
Crude Oil prices declined 1.20% against the USD for the 24 hour period ending 23:00GMT, closing at 91.85, after the Energy Information Administration (EIA) reported that the US crude oil inventories fell lesser than expected by 1.0 million barrels in the week ended 05 September to 358.6 million barrels, as against an anticipated decline of 1.2 million barrels. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) cut its 2015 forecast for oil prices on continued demand growth concerns.
In the Asian session, at GMT0300, the pair is trading at 91.87, with the oil trading tad higher from yesterday’s close.
The pair is expected to find support at 91.0533, and a fall through could take it to the next support level of 90.2367. The pair is expected to find its first resistance at 92.8533, and a rise through could take it to the next resistance level of 93.8367.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
