Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.73% against the USD and closed at USD57.13 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories fell by 11.0 million barrels to 449 million barrels in the week ended 19 July 2019.
In the Asian session, at GMT0300, the pair is trading at 57.02, with oil trading 0.19% lower against the USD from yesterday’s close.
The pair is expected to find support at 56.02, and a fall through could take it to the next support level of 55.01. The pair is expected to find its first resistance at 57.75, and a rise through could take it to the next resistance level of 58.47.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
