Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.64% against the USD and closed at 42.02, after the Energy Information Administration revealed that US crude oil inventory data indicated a surprise build of 1.7 million barrels to 521.3 million barrels in the week ending 22 July.
In the Asian session, at GMT0300, the pair is trading at 42.02, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 41.40, and a fall through could take it to the next support level of 40.78. The pair is expected to find its first resistance at 42.92, and a rise through could take it to the next resistance level of 43.82.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
