Crude Oil Movement
Crude Oil prices declined 0.89% against the USD for the 24 hour period ending 23:00GMT, closing at 93.85, after a weekly report from the Energy Information Administration (EIA) showed that crude stockpiles in the US unexpectedly rose by 3.7 million barrels to 362.3 million barrels in the week ended 12 September.
In the Asian session, at GMT0300, the pair is trading at 93.95, with the oil trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 93.44, and a fall through could take it to the next support level of 92.93. The pair is expected to find its first resistance at 94.76, and a rise through could take it to the next resistance level of 95.57.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
