Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.61% against the USD and closed at USD68.57 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories increased by 38.0K barrels to 405.7 million barrels in the week ended 24 August.
In the Asian session, at GMT0300, the pair is trading at 68.57, with oil trading flat against the USD from yesterday’s close.
The pair is expected to find support at 68.12, and a fall through could take it to the next support level of 67.67. The pair is expected to find its first resistance at 69.11, and a rise through could take it to the next resistance level of 69.65.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
