Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.17% against the USD and closed at USD55.59 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories declined by 11.1 million barrels in the week ended 23 August 2019 and amid OPEC-led output cuts.
In the Asian session, at GMT0300, the pair is trading at 55.48, with oil trading 0.20% lower against the USD from yesterday’s close.
The pair is expected to find support at 54.20, and a fall through could take it to the next support level of 52.93. The pair is expected to find its first resistance at 56.24, and a rise through could take it to the next resistance level of 57.01.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
