Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.98% against the USD and closed at USD68.01 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined by 5.8 million barrels to 408.4 million in the week ended 17 August.
In the Asian session, at GMT0300, the pair is trading at 68.01, with oil trading flat against the USD from yesterday’s close.
The pair is expected to find support at 66.64, and a fall through could take it to the next support level of 65.28. The pair is expected to find its first resistance at 68.76, and a rise through could take it to the next resistance level of 69.52.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
