Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.87% against the USD and closed at USD66.04 per barrel.
Separately, the American Petroleum Institute (API) reported that crude oil inventories declined by 5.2 million barrels to 405.6 million barrels in the week ended 17 August 2018.
In the Asian session, at GMT0300, the pair is trading at USD66.12 per barrel, with oil trading 0.12% higher against the USD from yesterday’s close.
The pair is expected to find support at 65.34, and a fall through could take it to the next support level of 64.65. The pair is expected to find its first resistance at 66.78, and a rise through could take it to the next resistance level of 67.43.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
