Crude Oil Movement
Crude Oil prices advanced 4.51% against the USD for the 24 hour period ending 23:00GMT, closing at 46.14, rebounding from its previous session losses, despite the Energy Information Administration (EIA) disclosing a strong build up in US crude oil inventories.
The EIA, in its weekly report, showed that US crude stockpiles expanded by 4.7 million barrels to 455.4 million barrels, against a drop of 0.8 million barrels in the week ended 28 August.
In the Asian session, at GMT0300, the pair is trading at 45.85, with the oil trading 0.63% lower from yesterday’s close.
The pair is expected to find support at 43.78, and a fall through could take it to the next support level of 41.71. The pair is expected to find its first resistance at 47.34, and a rise through could take it to the next resistance level of 48.83.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
