Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.32% against the USD and closed at USD56.61 per barrel, after Saudi Arabia restored its oil production capacity and after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 2.4 million barrels for the week ended 20 September 2019.
In the Asian session, at GMT0300, the pair is trading at 56.48, with oil trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 55.68, and a fall through could take it to the next support level of 54.88. The pair is expected to find its first resistance at 57.15, and a rise through could take it to the next resistance level of 57.82.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
