Crude Oil Movement
Crude Oil prices declined 0.13% against the USD for the 24 hour period ending 23:00GMT, closing at 92.97, as the Energy Information Administration (EIA) lowered its forecasts for oil prices in 2014 and 2015, on the back of higher production from the US and lower global demand expectations. However, the American Petroleum Institute (API) reported that the US crude oil inventories dropped more than expected by 1.9 million barrels during the week ended 05 September to 359 million barrels against an anticipated decline of 1.1 million barrels.
In the Asian session, at GMT0300, the pair is trading at 92.94, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 92.3267, and a fall through could take it to the next support level of 91.7133. The pair is expected to find its first resistance at 93.7467, and a rise through could take it to the next resistance level of 94.5533.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
