Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.95% against the USD and closed at USD56.11 per barrel, amid easing geopolitical trade tensions and strong economic data from China.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories rose by 0.4 million barrels in the week ended 30 August 2019.
In the Asian session, at GMT0300, the pair is trading at 56.40, with oil trading 0.52% higher against the USD from yesterday’s close.
The pair is expected to find support at 54.77, and a fall through could take it to the next support level of 53.14. The pair is expected to find its first resistance at 57.34, and a rise through could take it to the next resistance level of 58.28.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
