Crude Oil Movement
Crude Oil prices declined 0.18% against the USD for the 24 hour period ending 23:00GMT, closing at 44.43, as concerns over slowdown in China continued to hit oil prices.
Oil prices were further pressurised, after the American Petroleum Institute (API) disclosed a large weekly build up in US crude inventories of 4.6 million barrels to 457.8 million barrels in the week ended 25 September and against an anticipated rise of 0.1 million barrels.
In the Asian session, at GMT0300, the pair is trading at 44.75, with the oil trading 0.54% higher from yesterday’s close.
The pair is expected to find support at 44.17, and a fall through could take it to the next support level of 43.59. The pair is expected to find its first resistance at 45.51, and a rise through could take it to the next resistance level of 46.27.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
