Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.21% against the USD and closed at USD47.69 per barrel, after the American Petroleum Institute (API) reported a massive draw of 9.2 million barrels in US crude oil inventories in the week ended 11 August, bringing the total to 469.2 million barrels.
In the Asian session, at GMT0300, the pair is trading at 47.73, with the oil trading 0.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 47.2, and a fall through could take it to the next support level of 46.67. The pair is expected to find its first resistance at 48.08, and a rise through could take it to the next resistance level of 48.43.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
