Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.66% against the USD and closed at USD56.79 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 1.4 million barrels in the week ended 20 September 2019.
In the Asian session, at GMT0300, the pair is trading at 56.92, with oil trading 0.23% higher against the USD from yesterday’s close.
The pair is expected to find support at 56.24, and a fall through could take it to the next support level of 55.55. The pair is expected to find its first resistance at 58.04, and a rise through could take it to the next resistance level of 59.15.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
