Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.06% against the USD and closed at USD46.85 per barrel, after the Energy Information Administration (EIA) disclosed that the US crude oil inventories unexpectedly dropped by 2.5 million barrels to 521.1 million barrels during the week ended 12 August.
In the Asian session, at GMT0300, the pair is trading at 46.74, with the oil trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 46.07, and a fall through could take it to the next support level of 45.4. The pair is expected to find its first resistance at 47.18, and a rise through could take it to the next resistance level of 47.62.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
